Albert Has a Contract to Buy 100 Tables from Bartholomew

question 22

True/False

Albert has a contract to buy 100 tables from Bartholomew at a price of $50 a table. Five days before Bartholomew is to deliver the tables, he calls Albert to say that he is sorry but $50 won't cover his costs, and he will now need at least $75 a table. Albert agrees, because he needs the tables for his special sale. The modified contract is enforceable even though Albert isn't getting any new consideration, so long as Bartholomew is acting in good faith and the agreement to the new price is put in writing.

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Definitions:

Pay Levels

The ranges or scales of compensation given to employees based on their roles, responsibilities, or experience.

Employee Dissatisfaction

A state of discontent among employees, often due to issues like poor working conditions, low pay, or lack of recognition.

Point System

A method of quantifying performance, behavior, or value by assigning points which can then be used for evaluation or reward.

Job Evaluation

A systematic process used to determine the relative value of jobs within an organization, often leading to a fair and equitable compensation structure.