Jack Was Fired by Bob but Decided to Try to Win

question 30

Multiple Choice

Jack was fired by Bob but decided to try to win back his job as agent by getting a big new contract. He approached Sharon, a new client, and made a pitch to sell Bob's product. Sharon agreed to buy 100. Jack tells Bob. What are the legal consequences?

• A) Bob has to hire Jack again and then make the deal.
• B) Bob would have to ratify the deal to get the benefit of the contract.
• C) Bob would have to negotiate the deal with Sharon himself.
• D) Jack would forfeit his commission if Bob took the contract.

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Definitions:

Borrower's Payment

The amount of money a borrower is obligated to pay back to a lender according to the terms of the borrowing agreement.

Asset

Resources owned or controlled by a business or an individual that are expected to produce future economic benefits.

Compounded Semiannually

A method of calculating interest where the earned interest is added to the principal amount twice a year, leading to interest being earned on interest in the following periods.

Interest Rate

The fee a lender imposes on a borrower for the utilization of assets, depicted as a proportion of the principal amount.