Walker Meeks Is Currently a Party to Two Contracts

question 46

Essay

Walker Meeks is currently a party to two contracts. On the first contract, he has agreed to paint a portrait of a gentleman riding a horse. This portrait is for the wall of the gentleman's study. The gentleman chose Meeks for his realism in portraying the true feelings behind portrait models. Meeks' second contract is to paint the house of Sylvia Sneed.?Meeks is offered an employment contract for a large sum of money. He wishes to accept, but this would render him unable to complete the aforementioned contracts. Meeks delegates the painting of the portrait to his friend Bob, an impressionist, and delegates the painting of Sylvia's home to Ted, a professional house painter.?Neither the gentleman nor Sylvia intends to allow the delegation to occur. Comment on the probable outcome of the dispute.

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Definitions:

Private Sector

The part of the economy that is run by individuals and companies for profit and is not state controlled.

Consumption

The use of goods and services by households or individuals, representing the end-use of the production process.

Supply-Side Economists

Economists who believe that reducing taxes and regulation on businesses can stimulate economic growth by increasing supply.

Tax Rates

The percentage at which an individual or corporation is taxed by the government.