Refer to Fact Pattern 11-1

question 6

Multiple Choice

Refer to Fact Pattern 11-1.Estelle's forbearance from towing is legally sufficient consideration​ 

• A) ​because it is a promise of something of value. 
• B) ​only if Dave's customers park in Estelle's lot. 
• C) ​only if Estelle's customers cannot park in her lot because it is full. 
• D) ​under no circumstances.

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Definitions:

Negotiated Tariff Rates

Tariff rates determined through bargaining between countries, rather than set unilaterally, often resulting in lower duties.

Free-Trade Zone

A designated area where goods can be imported, stored, handled, manufactured, or reconfigured without being subject to import duties.

GATT

The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement aimed at reducing global trade barriers and promoting international trade through the reduction of tariffs and other trade restrictions.

European Union

A political and economic union of 27 European countries that participate in a single market allowing free movement of goods, services, and people.