Valid, enforceable contracts must contain consideration, which is defined as
a. something of measurable value that must be exchanged by the parties involved.
b. wording that is kind and unobjectionable to the parties involved.
c. the requirement that those entering into the contract must be of legal age and mentally competent.
d. the requirement that the contract must be for a product or service that may be legally sold.
Ans: a. something of measurable value that must be exchanged by the parties involved.
You might also like to view...
A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is called a(n)
A) insuring clause B) payor provision C) reinstatement provision D) nonforfeiture provision
Kirstin is thinking about opening a Chinese restaurant and needs to buy a rice cooker. Machine A has fixed costs of $100 and variable costs of $1/pound. Machine B has fixed costs of $500 and variable costs of $.1/pound
If Kirstin plans to sell 100 pounds of rice, which machine should she choose? What is the cross-over point?