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:

Warehouse Space

The area available in a warehouse used for the storage of goods.

Cost Function

An equation or formula that determines the total cost of production based on the relationship between costs and output levels.

Profit-Maximizing Output

The level of production at which a business achieves the highest possible profit, balancing costs against revenues.

Cost Function

A mathematical relation that describes how production costs vary with changes in the quantity of output produced.