Delta, Inc

question 28

Multiple Choice

Delta, Inc., agrees to assume a debt of Excel Company to First State Bank. The agreement is not in writing. To be enforceable, the promise must be for the benefit of

• A) any party.
• B) Delta.
• C) Excel.
• D) First State.

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Definitions:

Bank Tellers

Employees at financial institutions who deal directly with customers, handling routine banking transactions.

Substitute

A product or service that can replace another, offering consumers an alternative choice.

Imperfect Competition

Imperfect competition describes a market structure where the conditions necessary for perfect competition are not met, including markets with monopolies, oligopolies, and monopolistic competition.

Marginal Productivity Theory

An economic principle that explains how the amount of extra output gained by employing an additional unit of input declines as more of that input is used.