In the Illustration Below,which Item Depicts the LOT Position

question 35

Short Answer

In the illustration below,which item depicts the LOT position?

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Definitions:

Contractual Capacity

The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.

Contract

A contract is a legally binding agreement between two or more parties, enforceable by law.

Consideration

The value (such as money, service, or goods) exchanged between parties in a contract which makes the agreement legally binding.

Bilateral Contract

An agreement involving two parties where each promises to perform an act in exchange for the other's act.