An Option Is Given Wherein Consideration Is Stated as $10

question 34

Multiple Choice

An option is given wherein consideration is stated as $10.00. The option is

• A) valid.
• B) invalid for lack of sufficient consideration.
• C) void.
• D) unenforceable.

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Definitions:

Phillips Curve

An economic theory that suggests an inverse relationship between the rate of unemployment and the rate of inflation in an economy.

Sacrifice Ratio

A measure of the economic costs of reducing inflation, often represented by the loss of output or employment.

Friedman and Phelps

Economists known for their work on the natural rate of unemployment and expectations in macroeconomics, challenging the traditional Phillips curve concept.

Phillips Curve

An economic concept that depicts an inverse relationship between the rate of unemployment and the rate of inflation in an economy over time.