Capitalism Is Based on All of the Following Except

question 236

Multiple Choice

Capitalism is based on all of the following except

• A)the "invisible hand."
• B)the price mechanism.
• C)trust.
• D)equity.

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Definitions:

Consideration

a core concept in contract law that involves something of value exchanged between parties, which is necessary for a contract to be legally binding.

Payment

The transfer of money or goods from one party to another as a fulfillment of an obligation or settlement of a debt.

Ownership

The right to possess, use, and control a property or item, encompassing both tangible and intangible assets.

Promissory Estoppel

A legal principle preventing a party from going back on a promise, which another party relied upon, even if there was no formal contract.