Economist John Kenneth Galbraith Asserted That the

question 33

Multiple Choice

Economist John Kenneth Galbraith asserted that the

• A)gap between the rich and the poor in the United States was widening.
• B)real wages of workers were declining.
• C)United States government had been infiltrated by Communists.
• D)level of poverty dropped to less than two percent.
• E)U.S.consumer society was creating an affluent lifestyle for the masses

Know the rights of individuals upon arrest and during legal proceedings.

Understand the basic principles that determine the enforceability of contracts.

Recognize the role of written contracts and the exceptions to the rule that contracts must be in writing to be enforceable.

Identify the essential elements required for a valid contract.

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Definitions:

Liquidated Damages

A set amount of money that is required to be paid as compensation for not fulfilling contractual obligations.

Japanese Law

The legal system in Japan, which includes a combination of civil law, local customs, and a limited influence of common law.

Express Conditions

Specific requirements explicitly stated in a contract that must be met for contractual obligations to be fulfilled.

Conditioned On

Depending on a specific requirement or prerequisite being met.