Mike and Ike Agreed Orally That Mike Would Tutor Ike

question 54

Multiple Choice

Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for three hours.After Mike has done the three hours of tutoring,but before Ike pays him,this contract is ________.

• A) executed
• B) implied-in-fact
• C) executory
• D) performed

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Definitions:

Left and Right Shoes

Items that are perfect complements in consumption, where the use of one without the other is generally considered incomplete or unsatisfactory.

Price of X

The price of X refers to the cost to buyers of acquiring a unit of good or service X in the market.

Price of Y

the cost associated with acquiring or purchasing a specific good or service, denoted symbolically as "Y".

Wage Rate

The amount of money paid to an employee per unit of time, often per hour or year.