For a Contract to Be Legally Binding,which of the Following

question 18

Multiple Choice

For a contract to be legally binding,which of the following criteria must be met?

• A) consideration
• B) mutual beneficence
• C) attorney review
• D) proper filling with judicial authorities
• E) articulation

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Definitions:

Money Income

The total amount of monetary earnings received by an individual or household over a certain period of time, before taxes and deductions.

Law of Diminishing Marginal Utility

The economic principle that states as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Total Utility

The total satisfaction or benefit derived from consuming a particular quantity of goods or services.

Law of Diminishing Marginal Utility

An economic principle that states the additional satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased.