Which of the Following Would NOT Be Considered an Activity

question 51

Multiple Choice

Which of the following would NOT be considered an activity in the informal or underground economy?

• A)gambling in Las Vegas
• B)holding a summer yard sale
• C)selling pirated movies on eBay
• D)selling homemade alcohol to friends

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Definitions:

Valid

Legally sound and binding; conforming to the law or to established rules.

Basic Element

A fundamental or essential component or aspect of something.

Consideration

In contract law, a basic requirement for an enforceable agreement under traditional contract principles, defined in this text as legal value, bargained for and given in exchange for an act or promise. In corporation law, cash or property contributed to a corporation in exchange for shares, or a promise to contribute such cash or property.

Capacity

The ability to incur legal obligations and acquire legal rights.