Examlex
[Puppy Woes] Ronaldo promised to sell Linda a Dalmatian puppy for $700 but backed out of the deal. Linda sued Ronaldo in state court for breach of contract and asked for a jury to hear the case. During jury selection, one juror, Mika, said that she did not think she could be fair to Linda because Linda did not appear to be a dog lover. Linda's lawyer asked that Mika not hear the case on the basis that she could not be fair, and the judge excused Mika. Linda also decided that another juror, Sandy, looked at her in a grumpy manner so, without a reason given, Linda's lawyer asked the judge to excuse that juror from serving. The judge did so. After the jury was chosen, Linda's lawyer made a statement to the jury, as did Ronaldo's lawyer. Linda's lawyer then called to the witness stand Jules, a friend of Linda, who heard the discussion held between Linda and Ronaldo regarding the purchase of the puppy. Jules testified under questioning by Linda's lawyer that she heard Linda say that she would pay $700 for the puppy and that she also heard Ronaldo say that he would sell the dog for that amount. Unfortunately for Linda, Jules also testified in response to questioning by Ronaldo's lawyer that Ronaldo distinctly told Linda that he would only sell the puppy to her if Linda came with cash for the puppy within seven days. Linda did not show up with the money for ten days and Ronaldo had already sold the dog to someone else. The judge ruled in favor of Ronaldo.
-When lawyers choose a jury, it is called ________.
Normal Profit
Normal profit is the minimum amount of profit needed for a company to remain competitive in the market, covering all its opportunity costs.
Normal Profits
The level of profit that business owners consider satisfactory or "normal", essentially covering both explicit and implicit costs, including a normal rate of return on investment.
Accounting Profits
The total revenue of a business minus the explicit costs; it's the profit figure calculated according to generally accepted accounting principles.
Total Revenues
The overall income generated by a firm or economy from its business activities, including sales of goods and services, before any expenses are deducted.
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