Jim Contracted with Kevin to Serve as a Guide for Kevin

question 62

Multiple Choice

Jim contracted with Kevin to serve as a guide for Kevin on his three-week fishing trip to Canada.The contract was made on April 1 with the trip to begin on June 1.On May 1, Kevin notified Jim that he had changed his mind and would be unable to make the trip.He also refused to pay Jim any compensation.In this case:

• A)because the contract is executory, Jim has suffered no damages, and Kevin has no obligation to pay any compensation.
• B)Kevin has anticipatorily repudiated the contract and is liable to Jim for damages.
• C)Jim is discharged from his duty to serve as guide, but he must wait until after June 1 to bring suit against Kevin.
• D)All of these.

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Definitions:

Contingency Perspective

An approach suggesting that the best management practices depend on the circumstances of a situation or environment.

Predictable Environment

A setting or situation where changes and conditions can be anticipated with a high degree of certainty.

Inventory Analysis

The examination of inventory to determine the optimal stock levels, turnover rates, and ordering practices.

Mathematical Forecasting

The process of making predictions about future events based on mathematical models and statistical techniques.