I believe the answer would be the mechanical solution.
Money is best defined as whatever serves society in three functions: medium of exchange, store of value, and unit of account.
Barter is best defined as a situation where two individuals each want some or service that the other can provide.
A double coincidence of wants is a situation where two individuals each want some or service that the other can provide.
<h3>What is money?</h3>
Money is anything that is accepted by the general public as a means of payment for products and for repayment of debt.
<h3>What are the functions of
money?</h3>
- Medium of exchange : money can exchanged for goods and services.
- Unit of account : money can be used to determine the value of goods and services
- Store of value : money can retain its value over the long term.
<h3>What is barter?</h3>
Barter is when people exchange goods with goods. For barter to occur, there has to be a double coincidence of wants. This means that someone has to have what you want and that person wants what you have.
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Fiona signed an agreement to either buy or not buy nick’s vacant lot for $310,000 by a specific date. This agreement is called a bilateral contract.
<h3>What is bilateral contact?</h3>
A bilateral contract is a contract which is made between two parties. Under this contract, both parties make promises to each other on the terms and conditions. In this contract, the promise of one party turns into a consideration of the other party. It is the most common kind of contract which is binding in nature.
Fiona signed a contract promising to either purchase Nick's vacant lot for $310,000 by a certain date or not. It's referred to as a bilateral contract.
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