A. What makes a contract different from an agreement? 1. contact is legally bind

Question

A. What makes a contract different from an agreement? 1. contact is legally binding 2. both parties must agree on a contract 3. only agreements are written donw 4. there is no difference btwn an agreement and a contract

B.

Which of the following correctly describes the free-enterprise system in the United States?


1. A system in which businesses have a lot of control over how they run their business and some government regulation

2. A system in which the government controls prices for essential goods but leaves other business decisions up to the individual businesses

3. A system in which the government regulates what businesses produce and how much they charge

4. A system in which the government has no control over the market, giving businesses complete freedom

Explanation / Answer

A. a contract is legally binding. an agreement is a less formal creation of an obligation betwwen the two parties.

contract is legally enforced by law. so the correct option is 1.

in case any party doesn't agree to the terms of the contract then he can be dragged to court where he will be punished by law.

B.  a free enterprise system, is a system where the government has no intervention in the running of various businesses . the businesses are given government freedom. workers have a right to choose their employers, and the employers have a right to hire or fire a worker. there exists competetion between the various businesses,the motive for running their business is profit maximization , the businesses can attain rights/trademarks and protect their belongings. buyers and sellers are engaged in business activities freely.

the correct option is option 4. the rest of the options are wrong because they discuss the role of government in af ree economy.

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