Which of the Following Statements Is NOT Correct in Respect

question 7

Multiple Choice

Which of the following statements is NOT correct in respect to determining when an agreement is a contract?

• A)It is generally not necessary that a contract be in writing to be enforceable.
• B)The courts are not concerned with the intention of the parties as it is a private matter.
• C)Sometimes the law implies the existence of a valid contract.
• D)The parties in an agreement do not always intend to create legal relations.

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Definitions:

Free Trade

An economic policy that allows imports and exports between countries with minimal or no tariffs, quotas, or prohibitions.

Comparative Advantage

The ability of an individual or country to produce a particular good or service at a lower marginal cost than others.

Production Possibilities

Various combinations of goods and services that can be produced within an economy given available resources and technology.

Economies Of Scale

The cost advantage achieved by producing goods in large quantities, hence reducing the cost per unit.