A Necessary Element of a Contract Is That the Parties

question 42

Multiple Choice

A necessary element of a contract is that the parties must have the intention to be legally bound. Which of the following is true with regard to this element of a contract?

• A) In contract cases, the court hears evidence as to what the parties actually had in their minds at the time of contract.
• B) If the parties fail to state expressly in their contract their intention to be legally bound, there is no contract.
• C) The court always presumes an intention to be legally bound, so this is never an issue in a contract case.
• D) The court can presume the intention to be legally bound, but a party to the contract can bring forward contrary evidence to rebut the presumption.
• E) Family members can never have the intent to be legally bound in their agreements because family matters are private matters.

Analyze the factors contributing to a goods and services deficit.

Understand the key challenges and criticisms associated with administering workfare programs.

Comprehend the relationship between minimum wage earnings and the poverty line for families.

Analyze the impact of antipoverty programs from the 1960s and 1970s on poverty levels.

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Definitions:

Developing Countries

Nations with a lower level of industrialization, lower living standards, and lower Human Development Index (HDI) compared to developed countries.

OPEC

The Organization of the Petroleum Exporting Countries, an intergovernmental organization coordinating the petroleum policies of its member countries.

Global Supplies

The total availability of goods, commodities, or resources considered at a global scale, affecting markets, economies, and international trade.

Net Energy Ratio

indicates the balance between the amount of energy produced by a system and the energy required to create and maintain it.