Answer:
Stan's behavior demonstrates time inconsistency.
Explanation:
In Economics, time inconsistency is the change that occurs in a person's preferences over time. That change leads the person to reach a different evaluation when it comes to the costs and the benefits of a decision. In Stan's case, he seems to be prioritizing his time. He even complains that he never has enough time to finish all his homework. We can assume, from his complaint, that he wishes he had the time. Yet, at this very moment, he has chosen to watch three movies instead of doing his assignments. His current decision is inconsistent with what seems to be his preference. Clearly, he believes the benefits of watching the movies to be higher than the costs of not doing his homework. At this moment, therefore, there is an inconsistency between his preferences.
There is no consideration and therefore no enforceable contract for transactions relating to Gifts.
A gift is a contract without fair consideration and requires performance to be valid. A valid gift is therefore a concluded contract by the giver's actual delivery of the gifted item to the donee or someone on behalf of the donee, or by the giver's delivery of the means of obtaining the gifted item without further action for possession.
The intention to give must be accompanied by service, and service must be done with the intention to do. Otherwise, there is only the intention or promise of being gratuitous, and it is simply void. The transfer of ownership of the gift item or means of obtaining it is essential to making a valid donation, in order to render it an irrevocable disposal.
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I believe the answer is: Assets
Assets would include everything of value that is owned by a certain individual or organisation. Assets is a critical component to calculate our net worth, which being done by calculating total assets - total liabilities. Examples of assets are cash, land, supplies, receivables, etc.
The Five Pillars of Islam, Faith (Shahada),Prayer (Shalah), Charity (Sakat), Fasting (Shawm) and Pilgrimage (Hajj) provide a Muslim practitioner or believer with clear guidelines for leading a life in harmony with good and God and a well-defined way to experience one's religious experience.
The consequence of abiding by the Five Pillars of Islam is perfecting one's soul by steering away from sins and other spiritually unpleasant things. Today, Muslims in the U.S. interpret the term <em>jihad</em> (grossly translated as <em>holy war</em>) as a personal struggle in order to fight off personal defects and vices so that they can become better citizens, parents, persons, etc.
