Louis Agreed to Provide All the Apples That Cindy's Cider

question 73

Multiple Choice

Louis agreed to provide all the apples that Cindy's Cider Mill will need at $3 per bushel unless weather conditions require additional labor to be hired.The rate would then be $3.50 per bushel.A freeze warning required Louis to hire 10 additional overtime workers, raising the cost per bushel to $4.75.Louis wants to get out of his contract.Can he?

• A) No, the parties expected the hardship and provided for it in their contract.
• B) No, there is no hardship.
• C) Yes, the contract is commercially impracticable.
• D) Yes, the freeze is a supervening event.

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Definitions:

Critical Value

The threshold value that the test statistic must exceed for the null hypothesis to be rejected, dependent on the chosen significance level.

Alternative Hypothesis

A statement that contradicts the null hypothesis and proposes there is indeed a significant effect or relationship between variables.

Sample Sizes

The number of observations or subjects included in a study from which conclusions are drawn.

Test Statistic

A calculated value from sample data, used in statistical hypothesis testing to determine whether to reject the null hypothesis.