A Legally Binding Agreement That Can Be Rejected at the Option

question 30

Multiple Choice

A legally binding agreement that can be rejected at the option of one of the parties is called a(n) :

• A) void agreement.
• B) revoked contract.
• C) voidable contract.
• D) optional agreement.

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Definitions:

Macroeconomics

The branch of economics that studies economic phenomena at a national, regional, or global level, including issues like inflation, unemployment, economic growth, and monetary and fiscal policy.

Unemployment Rate

The share of the workforce that's currently not employed but is actively looking for jobs.

Nominal NNP

The Gross National Product measured at current market prices, without adjusting for inflation.

Real NNP

Net National Product adjusted for inflation; measures the value of goods and services produced by a country's economy, less the value of goods and services used up in production, adjusted for price changes.