Which of the Following Is True of a Gift Promise

question 60

Multiple Choice

Which of the following is true of a gift promise?

• A) A gift promise can be enforced in a court of law.
• B) A completed gift promise cannot be cancelled for lack of consideration.
• C) A gift promise contains considerations.
• D) The promisee can take legal action if the promisor does not uphold the promise.

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Definitions:

Consumption

Consumption refers to the use of goods and services by households. It is an important component of GDP and economic analysis.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual rate.

Income

Profits received, at routine intervals, from efforts in employment or investment projects.

Budget Line

This line delineates the combos of two goods a consumer can procure, given their income and the goods' prices, demonstrating the trade-offs and opportunity costs within their budget.