BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contractual capacity
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Legal value
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Nominal consideration
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Forebearance
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Detailed explanation-1: -Definition of Legal Value Usefulness of a document or record as a legal proof of authority or business transaction, enforceable rights or obligations, or as the basis for a legal action.
Detailed explanation-2: -Motion is a change of position of an object. There are many kinds of motion. You can walk forward or backward. An elevator goes up and down.
Detailed explanation-3: -Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.
Detailed explanation-4: - Consideration, which must be given in order to make a contract legally binding, is legally sufficient and bargained-for value, given by the promisor in return for the promisee performing or refraining from performing some act which results in a detriment to the promisee and/or a benefit to the promisor.