Legal Duties Are Created in Three Ways: Statutes,contracts,and Special Relationships

question 89

True/False

Legal duties are created in three ways: statutes,contracts,and special relationships.

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Definitions:

Trade

The exchange of goods, services, or both between two or more parties, either within a country or across international borders.

Commodity Money

Anything that serves both as money and as a commodity; money that has intrinsic value such as gold or silver coins.

Double Coincidence

A situation in a barter system where two parties each hold an item the other wants, necessitating an exact match to complete an exchange.

Trade

The exchange of goods, services, or both between countries or individuals, allowing for the specialization and efficiency benefits.