"Consideration" Refers to the Genuine Assent of All of the Parties

question 27

True/False

"Consideration" refers to the genuine assent of all of the parties to a contract.

---

Definitions:

Substitute Good

A product or service that can be used in place of another to satisfy similar needs or demands.

Increase in Income

An upward movement in an individual's or a nation's earnings, due to factors like higher wages, investment returns, or business profits.

Decrease in Quantity

A reduction in the amount of a good or service produced or consumed.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, typically represented by the area above the supply curve and below the market price.