The Consideration Paid by a Party to a Contract Can

question 14

Multiple Choice

The consideration paid by a party to a contract can be:

• A)forbearance.
• B)a promise.
• C)an act.
• D)any of the above.

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Definitions:

Self-Interest

An individual’s actions and decisions motivated by personal gain or benefit.

Public Interest

Denotes the well-being of the general public and the consideration of what is beneficial for society as a whole.

Economic Profits

Profits exceeding the opportunity costs of all inputs, indicating a return beyond the norm expected in the market or industry.

Industry

A sector of the economy characterized by a specific type of activity or product, such as manufacturing, technology, or services.