Consumption Goods and Services Include

question 48

Multiple Choice

Consumption goods and services include

• A)washing machines and tickets to football games.
• B)new homes and existing homes (as long as improvements have been made to the existing home).
• C)tickets to concerts and medical care provided to veterans by the government.
• D)new and used textbooks as long as they are sold via stores or online.
• E)vacation time accumulated by workers.

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Definitions:

Mistake of Fact

A misunderstanding or incorrect belief regarding a fact that is material to a contract at the time of its formation, potentially rendering the contract voidable.

Non Est Factum

A legal defense in contract law where a person asserts they were mistaken about the fundamental nature of a contract they signed, rendering it void.

Guarantee Indebtedness

An obligation or commitment by one party to assume responsibility for the debt of another if they default.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.