Janquese Attended a Meeting on March 4, 2004, Where He

question 6

Multiple Choice

Janquese attended a meeting on March 4, 2004, where he met Bradshaw. Janquese orally contracted to hire Bradshaw as a service representative for ten months. Bradshaw was required to begin work on June 26, 2004. Before Bradshaw begins performance,​

• A)Written evidence of the contract is not necessary for its enforcement.
• B)The Statute of Frauds renders this agreement unenforceable.
• C)This agreement is an example of the substantial performance rule.
• D)This is a firm offer under the UCC.

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Definitions:

Elasticity Coefficient

A measure that quantifies the responsiveness of the quantity demanded or supplied of a good to a change in one of its determinants, such as price.

Relative Change

The measure of change in a variable relative to its initial value, often expressed as a percentage.

Inelastic

Describes a situation where the quantity demanded or supplied of a good or service changes by a relatively small amount in response to changes in its price.

Quantity Demanded

The amount of a product or service consumers are willing and able to buy at a given price over a specified period of time.