Which of the Following Is False with Regard to Contract

question 26

Multiple Choice

Which of the following is false with regard to contract law?

• A) An exchange of promises can be consideration adequate to form a contract.
• B) To form a contract, there must be an offer that is accepted unconditionally.
• C) A contract for a $50,000 boat does not have to be evidenced in writing to be a valid contract.
• D) A contract is unenforceable if it is required to be evidenced in writing under the Statute of Frauds and is not.
• E) The parties to a contract can always go to court and have the court declare a contract void if the consideration is not adequate (i.e. fair), even if there is no evidence of fraud, duress, undue influence, or mental incapacity.

Understand the concepts of different market structures including pure monopoly, monopolistic competition, and pure competition.

Comprehend the causes and effects of shifts in demand and supply curves.

Identify the factors affecting the supply curve, including natural forces and price controls.

Recognize the role of monopolies, particularly regulated monopolies, and barriers to entry in the economy.

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Definitions:

Cultural Tradition

The inherited and shared ways of living, which include beliefs, practices, and artifacts, carried from one generation to the next.

Continuous-process Technology

A production method characterized by a constant and non-interrupted manufacturing process.

Assembly-line System

A manufacturing process in which parts are added to a product in a sequential manner using a flow production method to create finished products efficiently.

Retentive

Having the ability to retain or hold onto information, knowledge, or materials over a period of time.