According to the Survey Reported in the Text, Most People

question 57

Multiple Choice

According to the survey reported in the text, most people believe that non-health-related goods and services should be allocated by the ____ allocation mechanism.

• A) price
• B) first-come, first-served
• C) government
• D) random
• E) private

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Definitions:

Bilateral Contract

An agreement between two parties in which each party commits to performing a specific obligation.

Consideration

In a contractual agreement, it is the value or promise that each party agrees to exchange.

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.

Illusory Contract

An agreement that fails to bind at least one of the parties due to the lack of a definite promise or because the terms allow for withdrawal without consequence.