Patrick and Britt Are in Agreement That Patrick Will Pay

question 12

Multiple Choice

Patrick and Britt are in agreement that Patrick will pay Britt $2,000 for a used vehicle. At what point is there a binding contract?

• A) When the agreement is made.
• B) When the money is paid.
• C) When the car is delivered.
• D) Ten days after the car is delivered and approved.
• E) Twenty days after the car is delivered and approved.

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Definitions:

Uniformly Distributed

A description of a distribution where all outcomes are equally likely, the probability distribution is constant.

Probability

The quantification of the chance that an event will happen, expressed as a number ranging from 0 to 1.

Random Variable

A Random Variable is a variable whose possible values are numerical outcomes of a random phenomenon.

Normal Curve

A symmetrical, bell-shaped distribution where most occurrences take place around the mean and probabilities for values taper off as they move away from the mean.