A Direct Exchange of Goods Between Two Parties in a Transaction

question 26

Multiple Choice

A direct exchange of goods between two parties in a transaction is called:

• A)barter.
• B)a compensation deal.
• C)counterpurchase.
• D)buy-back.
• E)reciprocity.

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Definitions:

Common Law

A legal system based on custom and court rulings rather than written laws, predominant in the UK and countries influenced by its legal traditions.

Federal Court System

The judiciary system of the United States, which includes the Supreme Court, appellate courts, and district courts, among others, responsible for interpreting and applying federal law.

Common Law

A body of law derived from judicial decisions and customs, as opposed to statutes.

Case Law

consists of past court decisions that establish precedents in legal reasoning and interpretations of statutes which are used to guide future cases.