Ethics Form the Basic Foundation of Any Well-Functioning Economy

question 27

True/False

Ethics form the basic foundation of any well-functioning economy.

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Definitions:

Conduct Of The Parties

Behaviors, actions, and interactions of the individuals or entities involved in a legal agreement or dispute.

Unilateral Contract

An agreement wherein one party makes a promise to perform in exchange for the act of the other party, who is not legally obligated to act but if they do, the first party is obligated to fulfill the promise.

Bilateral Contract

An agreement involving two parties where each side promises to fulfill certain obligations in exchange for benefits provided by the other.

Consideration

In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement.