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Scenario #1
Ron came home from work one day to discover that his puppy Mr. Sniffers, a police canine in training, was missing. Distraught over the situation, Ron posted signs all over the neighborhood seeking the safe return of his puppy for a $100 reward. Melissa was walking to the park with her two daughters when she noticed a puppy trying to cross a busy street. Upon closer inspection, she realized it was the missing puppy from the posters. She called out his name and he happily walked up to her and jumped into her arms. She carried the puppy to the address on the posters and rang the doorbell. Ron swung open the door and was elated to see Mr. Sniffers. Once Ron had Mr. Sniffers in the house, he paid Melissa the reward money. Question: Was this a bilateral or unilateral contract? Explain. Scenario #2
Sarah just bought a new house, but it needed some repairs. She received an advertisement in her mailbox about a local painting service. Realizing that the house could use a fresh coat of paint, she called the painting service for an estimate. Kym, a painter for the company, came over a few days later and looked at the house. Kym told Sarah that it would cost approximately $300 to paint the house. Sarah thought that this quote was a bit high and offered $200 for the job. Kym agreed to the $200 and the two ladies shook hands. Question: Was this a bilateral or unilateral contract? Explain. Who was the offeror and the offeree in this scenario? Why? Scenario #3
Same facts as scenario 2. Now that the two parties have come to an agreement, they want to form a written contract.
Question: Would the parties look to the common-law or the UCC when formalizing their contract? Explain.
The rate of growth in the productivity of capital is 1 percent, the rate of growth of capital is 2 percent, the rate of growth of labor is 1 percent, and the rate of growth in the productivity of labor is 3 percent.
Whole Foods buys organic beets from two suppliers, one in Ames and one in Zearing. The price per unit of the Ames beets is $4.50 and the price per unit of the Zearing beets is $7.00. Define variables that would tell how many units to purchase from ea..
Give some examples of waiting lines in everyday life. What decisions should managers of such systems consider? Try to consider the production line as well as waiting in the queue.
Variables in economic expansions
Sam and Julie are talking about how much they like going to the fitness and how much they like eating out at their favorite restaurant. A session at the fitness costs the same as a meal at the restaurant. Sam says that, for his current consumption..
housing supply and demand is an example of the effects supply and demand can have on price elasticity. the most recent
a. Define the Bertrand model and its assumptions. Explain why the model predicts the perfectly competitive outcome despite the number of sellers. Discuss the limitations of the model.
How do you find the level of abatement that maximizes net benefits? (Multiple answers allowed) Select one or more:
If you both bring supplies to squeeze your own lemons, you can keep up with flow of customers, can charge more per cup and make about an average of $54.60 If you both bring some awful, over-sweetened powdered lemonade mix, you can keep up with th..
the purpose of this brief paper is to explain one economic principal that is covered in a short newspaper or magazine
compute m1 and m2 given the following. assume any asset not listed has a zero value.asset amountbillions of
questionyou have exams in economics and chemistry coming up and five hours available for studying. the following table
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