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QUESTION 1: Consider the following situations and indicate whether cconsideration is present and whether Jack has an enforceable agreement:
a) Jane is going overseas and she offers to give her Lotus Super 7 sports car to Jack. The market value for this type of vehicle in good condition is around $25 000. Jack accepts.
b) Jane offers to sell Jack her Lotus Super 7 sports car for $25 000. The market value for this type of vehicle in good condition is around $25 000. Jack accepts.
c) Jane offers to sell Jack her Lotus Super 7 sports car for $2500. The market value for this type of vehicle in good condition is around $25 000. Jack accepts.
QUESTION 2: A shipbuilder had contracted to build a tanker for North Ocean Tankers. The contract was in US dollars and didn't contain any provisions for currency fluctuations. Approximately halfway through construction of the ship, the United States devalued its currency by 10 per cent. As the shipbuilder stood to make a loss on the contract, it demanded that an extra US$3 million be paid or it would stop work. The buyer reluctantly agreed under protest to pay, as he already had a charter for the tanker and it was essential that it be delivered on time. The buyer didn't commence action to recover the excess payment until some nine months after delivery. Will the buyer succeed in recovering the excess?
Illustrate what would each political philosophy of utilitarianism, liberalism, and libertarianism likely suggest should be done in this situation.
Suppose the lowest-wage state in the United States is West Virginia and the highest-wage state is New York. Which of the following would be true?
Elucidate the value of Peets coffee both current and future valuation.
Balance sheet: equipment = 500, inventories 100, receivables70, payables = 50, debt = 300
Explain the purpose of consumer protection laws in your own words. Based on your personal experiences, do you think that consumer protection laws are effective? Why or why not?
Suppose that a firm in a perfectly competitive industry has the following total cost schedule; Compute a marginal cost and an average cost schedule for the firm.
scenario one in the early part of the last decade there was an overproduction of coffee. the price dropped so low that
Financial intermediaries are pretty crucial in the market for loanable funds. What are some examples of financial intermediaries in the market for loanable funds?
U.S. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the U.S.? Do farmers have much reason to worry?
congress is considering a tax credit program for those who purchase energy-efficient appliances. proponents of the
Identify also explain the key features of an oligopolistic industry. Illustrate your answer with reference to an industry of your choice.
George and Nancy had a $30,000 repair bill on their home after the tornado went through town. Their policy contained the usual 80% co-insurance clause. Their home's replacement value was $150,000; their policy coverage was $110,000 with a $250 ded..
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