A Tailor Agrees to Sew a Suit for Bryan, Who

question 61

Multiple Choice

A tailor agrees to sew a suit for Bryan, who promises in return to pay $500 for the suit if he is satisfied with it.The tailor completes the suit, which fits Bryan perfectly.Nevertheless, he says that he is not satisfied and refuses to accept or pay for it.Bryan is honest in his dissatisfaction, but he is unreasonable.In this case:

• A)Bryan must pay for the suit even if he is dissatisfied.
• B)this is an illusory contract, because only the tailor is bound.
• C)Bryan's approval is an objective standard.
• D)the tailor has no recourse, because he agreed to the subjective standard.

---

Definitions:

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.

Premium Wheat

High-quality wheat that meets specific standards and is sold at a price above regular or standard wheat.

Realized Gross Profit

The portion of profit earned from goods that have been sold, reflecting actual gains rather than estimated.

Installment Sales Method

An accounting method that recognizes revenue and expense when payments are actually received rather than at the point of sale.