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If in the same period output doubles and the price level doubles, nominal GDP doubles.
Statutory Law
Law that is written and enacted by a legislative body, distinguishing it from common law or judge-made law.
Valid Contract
An agreement that meets all legal requirements and is enforceable by law.
Contractual Capacity
The legal ability of a person to enter into a contract.
Legal Ability
Legal ability refers to the combination of knowledge, skills, and competence that enables a practitioner to effectively perform legal tasks and duties in compliance with the standards of the profession.
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