Andrew Has a Contract to Buy 100 Tables from Bartholomew

question 8

True/False

Andrew has a contract to buy 100 tables from Bartholomew at a price of $50 a table.Five days before Bartholomew is to deliver the tables, he tells Andrew that he is sorry, but $50 won't cover his costs; he will need at least $75 a table.Andrew agrees, because he needs the tables for his special sale.The modified contract is enforceable without new consideration, so long as Bartholomew is acting in good faith.

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Definitions:

Halo Effect

A cognitive bias where an observer's overall impression of a person, brand, or product positively influences their feelings and thoughts about that entity's specific traits.

Performance Evaluations

The systematic assessment of an individual's job performance and productivity, typically based on criteria such as quality of work, efficiency, and goal achievement.

Fundamental Attribution Error

The tendency to over-emphasize personality-based explanations for behaviors observed in others while under-emphasizing the role of external situations.

Internal Explanations

The justifications or reasons for phenomena, actions, or decisions that originate from within an individual or organization.