A Preliminary Agreement Cannot Constitute a Binding Contract

question 40

True/False

A preliminary agreement cannot constitute a binding contract.

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Definitions:

Machinery

A category of physical hardware used in the production process, including tools, engines, and devices that perform various tasks.

Sweaters

Knitted garments intended to cover the torso and arms, providing warmth and fashioned from materials like wool, cotton, or synthetic fibers.

Comparative Advantage

The ability of a country, company, or individual to produce a particular good or service at a lower opportunity cost than others, leading to more efficient trade and production.

Opportunity Cost

The value of the next best alternative forgone as the result of making a decision.