Collin, a Trainee with an Event Management Firm, Was Asked

question 22

Multiple Choice

Collin, a trainee with an event management firm, was asked to coordinate the designing, production, and installment of banners and posters for an upcoming project. He was assigned a particular amount of money for this purpose. Collin completed the job in time but exhausted his resources. He made a request for additional funds to make the remaining payments to the vendors. In which of the following ways can Collin's performance be categorized?

• A) Effective but not efficient
• B) Effective and efficient
• C) Neither effective nor efficient
• D) Not effective but efficient
• E) Essential but not effective

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Definitions:

Unilateral Contract

A contract where one party makes a promise in exchange for an act by another party, becoming binding upon the performance of the act.

Past Consideration

In contract law, a benefit or service previously performed and therefore cannot serve as consideration for a current contract.

Fair Market Value

The price that property would sell for on the open market between a willing buyer and a willing seller, each having reasonable knowledge of all relevant facts.

Valid Consideration

Anything of value promised to another when making a contract that is legal and results in the formation of a binding agreement.