Introductory Business Law CLEP Prep Practice Exam

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Prepare for the CLEP Business Law Exam with flashcards and multiple-choice questions. Each question comes with hints and explanations to help you succeed. Master the content and pass your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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term refers to an agreement between two or more individuals not in writing or not legally enforceable?

Promise
Contract
Parol
Equitable

The correct answer is: Promise

A promise can refer to an agreement between individuals that is not in writing or legally enforceable, which fits the definition of the term in the question. Option B, contract, is incorrect because a contract is a written agreement that is legally enforceable. Option C, parol, is incorrect because it refers to an oral (spoken) agreement, not a written one. Option D, equitable, is incorrect because it refers to something that is just or fair, but not necessarily an agreement between individuals.