What Is the Term for a Condition That Is Specified

question 41

Multiple Choice

What is the term for a condition that is specified in a contract?

• A)Express condition
• B)Implied condition
• C)Corporate condition
• D)Bilateral condition

Explain the equilibrium process in the open-economy macroeconomic model, including the effects of government policies on budget deficits and surpluses.

Understand the implications of trade policies, such as tariffs and quotas, on the exchange rate, trade balance, and net exports.

Recognize the factors leading to capital flight and its effects on a country's economy.

Comprehend how public saving (or lack thereof) influences national saving and the broader economy.

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Definitions:

Statute Of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by the party to be charged, to prevent fraud and perjuries.

Oral Modification

An agreement to change the terms of a contract using spoken words rather than written documentation.

Unconscionable

A term describing a contract or practice that is unjust or extremely one-sided in favor of the party who has the superior bargaining power.

Definition

A precise explanation of the meaning of a word or phrase, often distinguishing it from similar concepts.