A Promise Exchanged for a Promise Is an Example Of

question 43

Multiple Choice

A promise exchanged for a promise is an example of:

• A) a bilateral contract.
• B) a unilateral contract.
• C) an implied contract.
• D) promissory estoppel.

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Definitions:

"Invisible Hand"

A metaphor introduced by Adam Smith to describe how individual self-interest and competition can lead to social and economic benefits.

Price Mechanism

The manner in which the prices of goods or services affect the supply and demand of those goods or services, and how this interaction determines the allocation of resources.

Equity

The ownership interest held by shareholders in a corporation, represented by their shares of the company.

George Strait

George Strait is an American country music singer, songwriter, actor, and music producer, known for his contribution to the country music industry.