Karen Has Agreed to Buy Sara's Car, but the Two

question 56

Multiple Choice

Karen has agreed to buy Sara's car, but the two have not agreed on the price. When there is no agreement as to price in a contract for a sale of goods, what effect does it have on the contract?

• A) The price is whatever the seller decides.
• B) The price is a reasonable price at the time of making the contract.
• C) The price is a reasonable price at the time of delivery.
• D) There is no contract, because the agreement is not definite and certain enough.

Explain various rationalizations for unethical behavior and strategies to counteract them.

Describe the influence of group dynamics on individual ethical standards.

Understand the accounting treatment of common stock transactions and their impact on financial statements.

Analyze the effects of transactions involving cash, including payments and receipts, on the company's financial position.

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Definitions:

Ross's

Refers to W.D. Ross's ethical theory, which emphasizes prima facie duties such as fidelity, reparation, and justice as a basis for moral obligations.

Rawls's

Pertaining to the ideas or theories of John Rawls, a philosopher known for his work on justice and political liberalism.

Nussbaum's

Pertains to the philosophical ideas of Martha Nussbaum, especially her work on capabilities and human development.

Greatest Happiness Principle

The ethical principle that actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness, core to Utilitarian philosophy.