Which of the Following Is True About a Contract

question 5

Multiple Choice

Which of the following is true about a contract?

• A)Any offer made is a contract,though there is no acceptance of the offer.
• B)It need not necessarily be entered into by parties having capacity to contract.
• C)It must be voluntarily entered into and promise to perform a legal act.
• D)It must always be supported by consideration.

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Definitions:

Quotas

Limits set by governments on the quantity of a certain good that can be imported or exported during a specified time frame.

Tariff Revenues

Income that governments earn from imposing taxes on the import and export of goods.

Export Subsidy

An export subsidy is a government policy to encourage export of goods and discourage sale within the domestic market, by providing financial assistance or tax relief.

Domestic Price

The price of a good or service within a country; this can be influenced by tariffs, taxes, and supply and demand.