At a Computer Fair, Porter Saw a Demonstration by Maxwell

question 12

Essay

At a computer fair, Porter saw a demonstration by Maxwell of an excellent new accounting software package published by Slyckbyte Co., but he felt it was overpriced at $900. "At $500," he said, "I would definitely buy it." Maxwell said that she was not authorized to give deals to anyone, not even such a good customer as Porter. Porter bought another package from a different company. Four days later, he received a package from Maxwell that contained the new software and a letter which said that Slyckbyte was happy to give him the discount he had wanted and that she looked forward to receiving his cheque within the next few days.
Discuss whether Porter must pay for the software.

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Definitions:

Investment

The distribution of funds or assets with the intention of earning financial returns or profits.

Interest

Expenses incurred for the authorization to take out a loan, frequently shown as an annual rate in percentage.

Term Deposit

A financial product offered by banks that earns interest and is held for a predetermined period until it reaches the date of maturity.

Simple Interest Rate

An interest rate calculated only on the principal amount, not on previously earned interest.