The Three Essential Characteristics of Valid Consideration Are

question 16

Multiple Choice

The three essential characteristics of valid consideration are:

• A) accuracy, brevity, and clarity.
• B) fulfillment of social, moral and ethical obligations.
• C) legality, adequacy, and the possibility of performance.
• D) intention, practices, and policies.

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Definitions:

Indifference Curves

Graphical representations in microeconomics to illustrate different combinations of goods between which a consumer is indifferent.

Utility Function

A mathematical representation that ranks preferences or satisfaction levels consumers derive from different bundles of goods.

Perfect Substitutes

Products or goods that can replace each other perfectly with no loss of utility to the consumer.

Utility Function

A mathematical representation of a consumer's preference ranking over a set of goods or services, indicating satisfaction levels.