An Activity That Fulfills a Human Want or Need and Returns

question 3

Multiple Choice

An activity that fulfills a human want or need and returns money to those who provide it is known as

• A) a favor.
• B) a transaction.
• C) a service.
• D) an activity.
• E) a kickback.

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Definitions:

Specially Manufactured Goods

Items that are custom-made to a buyer's specifications, making them unique and not easily resaleable in the general market.

Oral Contract

An agreement made through spoken words without written documentation, legally enforceable if it meets certain criteria.

Enforceable

Describing a legal agreement that can be compelled or upheld in a court of law.

Parol Evidence

Parol Evidence refers to verbal or extrinsic information that is not included in the written contract, which parties may attempt to introduce to interpret, modify, or supplement the contract terms.