[Book Sale] Yasmeen Offered to Sell Dylan a Used Business

question 69

Multiple Choice

[Book Sale] Yasmeen offered to sell Dylan a used business law book for $50. She told him that he could use it in his upcoming business law class the next semester. However, there was a problem with the book; it was several editions old. Dylan was not aware of that fact, and neither was Yasmeen. When Dylan took the book to class and realized the problem, he went back to Yasmeen requesting a refund. Yasmeen refused to return his money. She claimed that she did not commit fraud because subjectively she thought that the book was correct, and that a binding contract existed. The book, however, is outdated and cannot be appropriately used in the class.
-Which analysis of the effect of the discovery that Dylan has a book that is not appropriate for the class would be correct?

• A) Dylan is stuck with the book because he objectively agreed to purchase it.
• B) Dylan is stuck with the book because Yasmeen did not commit fraud.
• C) Dylan is stuck with the book because Yasmeen subjectively thought it was the correct book, and Dylan did not openly disagree before the contract was executed.
• D) Because the parties had a mutual misunderstanding, the parties did not come to a meeting of the minds, and there is no contract.
• E) Because both parties were mistaken, at Dylan's option he may return the book; but only half of the purchase price would be required as a refund from Yasmeen because she is not guilty of fraud.

Understand the concept of interest and different perspectives surrounding it.

Learn how the net present value is influenced by the interest rate.

Comprehend the impact of interest rates on consumer behavior and purchasing decisions.

Grasp the difference between real and nominal interest rates, including the role of inflationary premium.

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