Examlex

Solved

Which Term Refers to an Economy Based on Public Ownership

question 139

Multiple Choice

Which term refers to an economy based on public ownership of the means of production,the pursuit of collective goals,and centralized decision making?


Definitions:

Inadequate Consideration

This term implies an agreement in which the value exchanged between two parties is significantly disproportionate, questioning the fairness of the deal.

Promissory Estoppel

A legal principle that prevents a promisor from denying the promise or going back on it if the promisee has reasonably relied on the promise to their detriment.

Promisee

The individual or entity to whom a promise or commitment is made in an agreement.

Reliance

Acting based on trust in something or someone, or in contract law, actions taken based on a promise or agreement.

Related Questions