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The slope of the demand curve for a normal good must be positive.
Interest Rate
The percentage at which interest is paid by borrowers for the use of money they borrow from lenders.
Statute of Frauds
A legal principle requiring certain contracts to be written and signed to be enforceable, aimed at preventing fraud.
In Writing
The term "in writing" refers to the requirement that certain agreements, contracts, or notices be recorded on paper or in a digital format to ensure legality and enforceability.
Guarantee
A formal assurance, typically by one party to another, that certain conditions will be fulfilled, including quality, performance, or durability of a product or service.
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