Identify and Briefly Describe the Four Types of Lags Giving

question 40

Essay

Identify and briefly describe the four types of lags giving an example for each type.

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Definitions:

Preexisting Duty

A legal concept indicating that if someone is already legally obligated to perform a certain action, that action cannot be used as consideration for a new contract.

Consideration

The value (such as money, goods, or services) that is given in exchange for a contractual promise or action.

Consideration

The value, such as money, promised, given, or done that induces a party to enter into a contract.

Society Duty

The ethical obligation or responsibility of individuals and organizations to act for the benefit of society at large, promoting social welfare and fairness.