Which of the Following Is True of an Output Contract

question 68

Multiple Choice

Which of the following is true of an output contract under common law?

• A) It is valid so long as there is a writing setting forth the terms signed by the offeror.
• B) It is valid so long as there is a writing setting forth the terms signed by the offeree.
• C) It is valid so long as there is a writing setting forth the terms signed by the offeror and the offeree.
• D) It is valid so long as more than nominal consideration is provided.
• E) It is not valid because of the lack of consideration.

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Definitions:

Category

A class or division of items or people with shared characteristics, used for purposes of organization, analysis, or classification.

Antitrust Law

Legislation aimed at preventing anti-competitive practices, monopolies, and other actions that restrict or distort market competition.

Economic Efficiency

A situation in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Chicago School

An economic school of thought advocating for minimal government intervention in markets, emphasizing the importance of free-market principles.