Anmool Verbally Agreed to Build a Deck for Nikki for $1000

question 91

Multiple Choice

Anmool verbally agreed to build a deck for Nikki for $1000 by the 15th of September, in time for a lavish backyard barbecue she was planning. On September 13th, Nikki became concerned at Anmool's lack of progress. Anmool told Nikki he would complete the deck on time, for an additional $200. Nikki agreed and Anmool completed the deck on time. Which of the following is correct?

• A) Nikki owes Anmool $1000 and there is no binding obligation with respect to the additional $200 because Anmool had an existing duty to complete the deck on time.
• B) Nikki owes Anmool $1200, because that is what she agreed to, and such contracts are binding.
• C) Problems of consideration can be raised only in the commercial context, not when the parties involved are both individuals.
• D) Nikki does not owe Anmool anything because his lack of professionalism vitiated the contract.
• E) No legal obligations arise because the agreement is not in writing.

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Definitions:

Evaluate Supply Sources

The process of assessing potential suppliers to determine their ability to deliver goods or services in a timely, cost-effective, and quality-focused manner.

Spend Analysis

The process of collecting, cleansing, classifying, and analyzing expenditure data with the purpose of reducing costs, improving efficiency, and monitoring compliance.

Sourcing Strategy Process

The methodology and approach taken by an organization to identify, evaluate, and engage suppliers for acquiring goods and services.

High Risk

Pertains to the potential for significant loss or failure, often used in finance, investment, and project management to describe ventures with uncertain outcomes.