Kevin, a Contractor, Authorized Toby to Conclude Contracts for Home

question 66

Multiple Choice

Kevin, a contractor, authorized Toby to conclude contracts for home renovation on his behalf. Each time Toby met with a potential customer, he would advise the customer that he was acting on behalf of Kevin. Toby concluded a contract with Myra to renovate her home for $1,000. On finding out about the contract, Kevin refused to carry out the renovation as he believed that the price agreed upon was too low. Which of the following statements is TRUE?

• A)If Kevin refuses to do the work, Myra can sue him for breach of contract.
• B)Kevin is free to increase the price charged under the contract.
• C)Myra can sue both Kevin and Toby if Kevin refuses to perform the contract.
• D)If Kevin refuses to perform under the contract, Toby must complete the home renovations himself.
• E)Myra cannot sue Kevin for breach of contract as the contract was concluded with Toby.

Explain the distinction between primary and secondary drives.

Recognize the types of needs as identified by psychologists and their effect on motivation.

Understand the concept of drive and its influence on behavior.

Discern the significance of specific theories such as drive-reduction theory in explaining motivated behaviors.

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Definitions:

Operating Assets

Assets that are used in the day-to-day operations of a business to generate revenue, such as equipment, inventory, and property.

Return on Investment

A measure used to evaluate the efficiency or profitability of an investment, calculated by dividing the profit earned on the investment by the cost of the investment.

Minimum Rate

The lowest acceptable or allowable rate, often referring to wages, interest rates, or other financial variables.

Annual Margin

The amount of profit a company generates over a year after all expenses have been subtracted from revenues.