Sam Had Been a Friend of Joe's for a Considerable

question 167

Essay

Sam had been a friend of Joe's for a considerable period of time and had often accompanied him as he sailed his classic yacht. Sam had often communicated to Joe how much he would like to have the yacht. On Friday night, a friend told Sam that Joe had suffered some business reverses and was going to have to get rid of the yacht. Sam immediately wrote Joe a letter offering to purchase the yacht for $125,000. Unknown to Sam, Joe had written Sam a similar letter offering to sell the yacht for $125,000. These two letters passed in the mail. Sam received Joe's letter at about 12 noon on Saturday, and Joe received Sam's letter at about 2:30 p.m. on Saturday. Are these people bound in contract? Explain.

Grasp the historical evolution and the roles within the field of finance.

Interpret the factors affecting the valuation of a firm's securities, including performance and future cash flows.

Recognize the theoretical foundations of finance and its practical applications in accounting and economics.

Identify the functions and responsibilities of the finance department within a corporation.

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Definitions:

Pollen Tube

In gymnosperms and flowering plants, a tube or extension that forms after germination of the pollen grain and through which male gametes (sperm cells) pass into the ovule.

Pollinated

The transfer of pollen from the male anthers of a flower to the female stigma of the same flower or another flower, leading to fertilization and the production of seeds.

Scentless

Lacking a detectable smell or odor.

Pollen

Fine to coarse powder containing the microgametophytes of seed plants, which produce male gametes (sperm cells) for fertilization.