A Contract Is ________ When Each Party's Performance Can Be

question 75

Multiple Choice

A contract is ________ when each party's performance can be divided in two or more parts and each part is exchanged for some corresponding consideration from the other party.

• A)whole
• B)divisible
• C)unenforceable
• D)material

---

Definitions:

Long-Run Phillips

An economic concept suggesting that there is no long-term trade-off between inflation and unemployment, contrary to the short-run Phillips curve.

Monetary Neutrality

The concept that changes in the money supply only affect nominal variables, like prices, not real variables like output or employment in the long term.

Classical Dichotomy

The theoretical separation of nominal and real variables

Short-Run Phillips

A theoretical framework that implies a short-term inverse correlation between inflation rates and unemployment levels.