In Order to Efficiently Bid on a Contract, a Contractor

question 4

Multiple Choice

In order to efficiently bid on a contract, a contractor wants to be 95% confident that his error is less than two hours in estimating the average time it takes to install tile flooring. Previous contracts indicate that the
Standard deviation is 4.5 hours. How large a sample must be selected?

• A)20
• B)4
• C)5
• D)19

Identify and explain situations where consideration is deemed inadequate or unconscionable.

Comprehend the principles of accord and satisfaction in the context of settling debts.

Understand the application of promissory estoppel in agreement enforcement.

Analyze the impact of preexisting duties on the enforceability of new agreements.

---

Definitions:

Surplus

The situation in which the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Federal Food Distribution

Programs and services run by the government to distribute food to the needy, schools, and other institutions to ensure food security.

Agricultural Commodities

Basic goods used in commerce that are interchangeable with other goods of the same type, produced through farming activities.

Price Support Program

Governmental policies designed to maintain the price of a commodity at a certain level, to protect producers from market volatility.