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The Three Elements Required for a Contract to Be Legally

question 56

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The three elements required for a contract to be legally binding are: offer, acceptance, and written documentation.


Definitions:

Utility

The total satisfaction received from consuming a good or service.

Total Utility

The total satisfaction received from consuming a certain quantity of goods or services.

Total Utility

The total satisfaction or benefit received by consuming a given total quantity of a good or service.

Marginal Utility

Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service.

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