Century Properties

question 26

Multiple Choice

Century Properties.Inc. ,and Darby enter into a con?tract for a sale of land.To be enforceable,the contract must be in writing if the land is valued at

• A)any price.
• B)only $500 or more.
• C)the amount of a debt subject to a collateral promise.
• D)the price paid in consideration of a promise of marriage.

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Definitions:

Regulations

Rules and standards created and enforced by government agencies to control or govern conduct within various sectors, industries, and activities.

External Cost

Costs that result from economic activities and are not reflected in market prices, often borne by a third party or society at large.

Mixed Economies

Economic systems that combine elements of both capitalism and socialism, featuring a blend of government intervention and private enterprise.

Marx

Karl Marx, a 19th-century philosopher and economist known for his ideas about capitalism and communism.