To Be Legally Enforceable,a Contract Must Contain Any Three of the Five

question 25

True/False

To be legally enforceable,a contract must contain any three of the five elements - offer and acceptance,mutual agreement,consideration,competent parties,and legality of purpose.

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Definitions:

Discretionary Fiscal Policy

It involves government policy changes in taxation and spending designed to influence economic activity, typically to counteract inflation or deflation and stabilize the economy.

Nominal Output

The total value of goods and services produced by an economy, measured in current prices without adjusting for inflation.

Interest Rate

The cost of borrowing money, typically expressed as a percentage of the amount borrowed.

Discretionary Fiscal Policy

Government strategy that includes altering its expenditure and taxation levels to oversee and impact a country's economic conditions.