Consideration Is

question 37

Multiple Choice

Consideration is:

• A) the concern shown by the other contracting party.
• B) what is demanded by the promisor as the price for the promise.
• C) a stated number of dollars.
• D) the concern of both contracting parties for the protection of the environment.

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Definitions:

Time Deposits

Banking or financial accounts that hold funds for a fixed period, during which the depositor cannot access their money without incurring a penalty.

Federal Banks

Centralized banking institutions established by a country to oversee the monetary system and implement national economic policies.

State Banks

Financial institutions chartered by a state to provide banking services.

National Banks

Financial institutions that are chartered by the federal government and play a key role in the country’s financial system and economy.