Which of the Following Elements Are Required for a Contract

question 61

Multiple Choice

Which of the following elements are required for a contract to be legally binding and enforceable?

• A) offer
• B) acceptance
• C) consideration
• D) all of the above

Comprehend the relationship between marginal utilities and price ratios in market equilibrium.

Identify conditions for supply and demand equilibrium in a market.

Understand the significance of the First Theorem of Welfare Economics.

Distinguish between different types of utility functions (e.g., perfect substitutes, perfect complements).

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Definitions:

Dumping

In international trade, the practice of exporting goods at prices lower than the home market prices, often considered unfair competition.

Gray Market

The trade of a commodity through distribution channels that are legal but unintended by the original manufacturer.

Unauthorized Channels of Distribution

Routes to market that are not approved or sanctioned by the original manufacturer or trademark owner, often leading to grey market activities.

Haggling

The act of negotiating the price of a good or service between the buyer and seller, with the intent to agree on a lower price than initially offered.