Sam, a Student, Promises to Act as a Guide on a Fishing

question 67

True/False

Sam, a student, promises to act as a guide on a fishing trip for a group of visiting dignitaries. The dignitaries agree to pay him $200 for his services. Sam guides them, but when they discover that Sam does not have a fishing license, they refuse to pay him. The agreement is an illegal one, which is not enforceable.

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Definitions:

Mathematical Forecasting

The process of making predictions about future events based on mathematical models and statistical techniques.

Factors of Production

The inputs required for the production process, including land, labor, capital, and entrepreneurship.

Tight Bureaucracy

A highly structured organizational form with strict rules, procedures, and a clear hierarchy of authority.

Stable Environment

Describes a situation or condition characterized by consistency, predictability, and minimal changes, providing a foundation for growth and development.