Capital,as a Factor of Production,refers to

question 183

Multiple Choice

Capital,as a factor of production,refers to

• A) money, stocks, and bonds.
• B) the production technology used by firms.
• C) the tools and instruments used to produce other goods and services.
• D) the production factors imported from abroad.
• E) stocks and bonds but not money.

Understand the concept of parol evidence and its limitations in adding to or varying the terms of a written contract.

Recognize the importance of performance as a factor in the enforceability of certain agreements.

Understand the "main purpose" rule in guarantee contracts and its implications for contract enforceability.

Recognize exceptions to the Statute of Frauds that allow for the enforceability of oral contracts.

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Definitions:

Good Faith

The honest intention to act without taking an unfair advantage over another party, often emphasized in contractual agreements and negotiations.

Illusory

Refers to something that is misleading or deceptive, creating a false perception or illusion.

Illusory

Describes something that appears to be real or possible, but is actually not feasible or based on illusion.

Promisee

The person to whom a promise is made in a contract, who stands to benefit from the fulfillment of the promise.