Jim Agreed to Pay Jose $1,000 by Check, Provided He

question 6

Multiple Choice

Jim agreed to pay Jose $1,000 by check, provided he is able to sell his farm. However, he did not mention the number of days it would take for him to sell the farm nor did he provide a contingency date. Which of the following is legally permissible in this scenario?

• A) Jose can take possession of Jim's farm as repayment.
• B) Jim's promise to pay is valid as he has offered Jose the money.
• C) Jim can wait till he sells the farm and then pay the money.
• D) Jim's promise to pay is conditional and he must remake the promise.

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Definitions:

Daily Sales

Daily sales represent the total amount of products or services sold by a business during one day.

Critical Value

A threshold value that is compared with the test statistic to determine whether to reject the null hypothesis in hypothesis testing.

P-value

A measure in statistics that helps in determining the significance of results obtained in an experiment or survey. It indicates the probability of observing results as extreme as those observed if the null hypothesis is true.

Average Sales

The mean amount of sales over a certain period, calculated by summing all sales figures and dividing by the number of sales transactions.