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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?
Edith agreed that in case of traffic jams, Shea Boulevard was a reasonable alternative.Neither of them knows the state of the highway ahead of time.
Like Supermarkets, full service department stores like Macys are generally in decline. What factors might these type of stores have in common behind their declines How would you determine which were important and which were not
1. A government's Primary Budget measures the outcome of Government's Tax Revenue and the Expenditure of Government, G0. Briefly explain what the difference would be between a primary STRUCTURAL deficit and a primary CYCLICAL deficit?
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
Calculate the price elasticity of demand for paint and Illustrate the calculations.
You are required to read and analyze a recent article from the Wall Street Journal, each covering a different topic addressed in the course. You will then write a 1-page review of each article.
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
according to the wall street journal merger and acquisition activity in the first quarter of 2004 rose to 5.3 billion -
Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' 0, C'' > 0. (a) State the firm's profit function in terms of Q. (b) Find the F.O.C. that maximizes profits at Q*. (c) Interpret the F.O.C.
Find the rejection region. - Compute the power of the test for each of the two hypotheses θ = 0.6 and θ = 0.8.
Answer the following questions on the basis of the monopolist's situation illustrated in the following graph.
When purchased on hire purchase over two years there is a deposit to pay of £140 and 24 monthly payments of £26. (a) In each case calculate the rate of simple interest per annum charged on the initial amount borrowed.
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