Colby Contracts in Writing (By E-Mail) to Sell His Dodge-Brand

question 36

Essay

Colby contracts in writing (by e-mail) to sell his Dodge-brand pick-up truck to Efrem for $10,500. Colby agrees to deliver the truck on Monday morning, and Efrem promises to pay the $10,500 on Monday. On Thursday, Efrem e-mails Colby that he changed his mind and will not buy the truck. Colby does not respond. Over the weekend, Efrem changes his mind again and tenders $10,500 to Colby on Monday. Colby has not sold the truck to another party but refuses the tender and refuses to deliver. Efrem claims that Colby has breached their contract. Colby contends that Efrem's repudiation released him from his duty to perform under the contract. Who is correct, and why?

Understand the classification of jobs into primary, secondary, and tertiary sectors and their characteristics.

Recognize the different economic systems and their key features, such as capitalism and socialism.

Identify the characteristics of professional employment and its regulatory bodies.

Understand the implications of industrialization and post-industrialization on society and the economy.

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Definitions:

Over-Justification Effect

The phenomenon where extrinsic rewards decrease a person's intrinsic motivation to perform a task because the action is seen as driven by the reward, not personal interest or enjoyment.

Self-Reference Effect

The finding that information bearing on the self is processed more thoroughly and more deeply, and hence remembered better, than other information.

Public Self-Awareness

Looking outward on the public aspects of the self that others can see and evaluate.

Private Self-Awareness

Looking inward on the private aspects of the self, including emotions, thoughts, desires, and traits.