To Satisfy the Consideration Requirement to Form a Contract,the Consideration

question 52

Multiple Choice

To satisfy the consideration requirement to form a contract,the consideration exchanged by the parties must:

• A)have a monetary value.
• B)conform to the parties' subjective intent.
• C)have legal value.
• D)have approximately the same value.

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Definitions:

Alternative Goods

Products or services that can be used in place of each other, satisfying the same customer need or want.

Society Forgoes

The opportunity costs that society incurs when choosing to allocate resources to one project or purpose over another, leading to the loss of potential benefits from other uses.

Creative Destruction

Creative destruction refers to the process through which new innovations lead to the demise of older technologies or business models, fostering growth and economic progress.

New Firms

Recently established companies or businesses entering a market.