Mary Bought a New Computer and Advertised Her Old Computer

question 114

Multiple Choice

Mary bought a new computer and advertised her old computer for $1500. Mr. Jones offered to pay $1000. Mary said no, she wanted $1500. Mr. Jones offered $1250. Mary rejected that and said she wanted $1500, but then said to him, "I withdraw my offer, I've decided to give it to a school and apply for the tax benefit." Mr. Jones said, "All right, I'll accept your offer of $1500." Which of the following is true?

• A) There is a contract because at some point in time Mary was willing to sell and Mr. Jones was willing to buy the computer system for $1500.
• B) There is no contract because the last offer had lapsed.
• C) There is no contract because Mary revoked the offer before Mr. Jones attempted to accept it.
• D) There is a contract, because once a seller makes an offer she cannot change her mind; she is bound to receive an acceptance.
• E) There is a contract and Mr. Jones has to pay a reasonable price for Mary's old computer.

---

Definitions:

Compensation System

A structured approach deployed by organizations to determine the pay and benefits for each position, including mechanisms for adjustment and incentives.

Extrinsic Rewards

Tangible rewards given to employees for performing specific tasks or reaching objectives, including money, gifts, or other physical rewards.

Intrinsic Rewards

Refers to non-material rewards such as personal achievement, professional growth, sense of pleasure and accomplishment.

Compensation Strategy

A plan established by an organization to attract, retain, and motivate employees through monetary and non-monetary rewards.