Frank Says to Mary,"If You Wash Every Window in My

question 56

Multiple Choice

Frank says to Mary,"If you wash every window in my house today,I'll pay you $200.I don't care if you do it,but there is $200 in it for you if you do." Mary washes 12 of the 20 windows in Frank's house by 2: 00 p.m.At this point,which of the following is true?

• A) Frank can revoke his offer to pay Mary the $200 for washing the windows.
• B) Mary is obligated to finish washing the windows.
• C) Mary has formed a contract by beginning to wash the windows.
• D) There is no contract yet in this situation.

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Definitions:

Quota

A government-imposed trade restriction limiting the number or value of goods that can be imported or exported during a specific time.

Period of Time

A specific duration or interval at which certain events or observations are measured or occur.

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.

Price

The financial contribution expected, compelled, or made in payment for something.