-Refer to the above figure.Suppose that the supply curve shifts from SA to SB while the demand curve remains at DA.Which of the following is true?
Definitions:
Lease
A contractual agreement where one party, the lessor, grants the other party, the lessee, the right to use an asset for a specified period in exchange for payment.
Illusory Promise
A statement that appears to be a promise but, upon closer examination, offers no commitment or assurance to act.
Option Contract
An agreement whereby the offeree gives the offeror a piece of consideration in exchange for the offeror’s agreement to hold the offer open for the specified period of time.
Valid Promise
A pledge or commitment within a contract that meets all legal requirements, making it enforceable by law.
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