Use This Fact Situation to Answer the Related Questions That

question 46

Multiple Choice

Use this fact situation to answer the related questions that follow. On January 1,A and B enter into a contract under which B agrees to renovate A's house by September 1 for $60 000.00.By June 2,B has not yet started the renovations and A is getting worried,so A tells B that he will pay him an extra $5000.00 if B completes the renovations on time.B completes the renovations by September 1st and now asks A for $65 000.00.
In this situation,

• A)A's promise to pay B an extra $5000.00 is not supported by fresh consideration.
• B)A's promise to pay B an extra $5000.00 is made before the contract is over.
• C)the consideration for the contract on January 1 is $60 000.00.
• D)there was a contract on January 1 that must be performed by September 1.
• E)all of the above

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Definitions:

Demographic Transition

A model that describes the transformation of a country from high birth and death rates to low birth and death rates as a society progresses economically.

Population Growth

The increase in the number of individuals in a population, often measured by birth rate minus death rate plus migration.

Economic Development

Economic Development refers to the process by which a region improves the well-being of its citizens through economic growth, redistribution of wealth, and improvements in quality of life.

Birth Rate

The number of live births per thousand of population per year.