The Market System Is Based Upon _____

question 32

Multiple Choice

The market system is based upon _____.

• A)money
• B)voluntary exchange
• C)capitalism
• D)profits

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Definitions:

Exculpatory Agreement

A clause that says one of the parties to a contract, generally the one who wrote the contract, is not liable for any economic loss or physical injury, even if that party caused the loss or injury.

Exculpatory Clause

A clause in a contract that releases a party from liability for his or her wrongful acts. These clauses are not favored by law.

Geographical Area

Refers to a specific physical region or location defined by natural or artificial borders.

Minor

A person under the legal age of adulthood, which varies by jurisdiction, typically below 18 years old.