Which of the Following Is an Exception to a Consideration

question 39

Multiple Choice

Which of the following is an exception to a consideration requirement?

• A)Bargained-for exchange
• B)Charitable subscription
• C)Nominal consideration
• D)Adequacy of consideration

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Definitions:

Consumer Surplus

The variation in the comprehensive amount consumers are willing to layout for a good or service and the actual layout.

Total Surplus

The sum of consumer and producer surplus, representing the overall benefit to society from the production and consumption of goods and services.

Equilibrium Price

The market price at which the supply of an item equals the quantity demanded, leading to an economic state of balance.

Producer Surplus

The contrast between the asking price of goods by producers and the actual selling price.