The General Set of Rights to Own Private Property and Exchange

question 198

Multiple Choice

The general set of rights to own private property and exchange goods, services, and financial assets with minimal government interference is defined as

• A) capitalism.
• B) market socialism.
• C) economic freedom.
• D) economic privilege.

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Definitions:

Constructive Condition

Conditions inferred by law to enforce fairness in the performance of contractual obligations, even if not explicitly stated in the contract.

Breach Of Contract

A failure to perform any promise that forms all or part of a contract.

Condition Precedent

A condition that must be fulfilled before a contract becomes effective or before an obligation is required to be performed.

Injunction

A legal directive mandating that a person or organization either perform or halt a particular act.