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List the Five Criteria Necessary in Order for a Good

question 32

Essay

List the five criteria necessary in order for a good to be suitable as a medium of exchange, and explain whether Australian currency is suitable to use as a medium of exchange.
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Definitions:

Lease Contracts

Legal agreements that grant one party the use of property, equipment, or assets owned by another party for a specified period in exchange for payment.

United Nations Convention

An international treaty or agreement formed under the auspices of the United Nations.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that sets general rules for international sales of goods.

English Common Law

A legal system originating in England, characterized by the doctrine of judicial precedent, where past court decisions guide future rulings.

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