Solved

Fact Pattern 10-1 Lulene Makes the Best Lemon Meringue Pies in Mississippi. So

question 56

Multiple Choice

Fact Pattern 10-1
Lulene makes the best lemon meringue pies in Mississippi. So Ellen, who owns Ellen's Old Fashion Cafe, contracts with Lulene to buy 50 pies per week at the price of $5.00 per pie.
Although Lulene took a class in business law, she forgot to get her agreement with Ellen in writing. Lulene and Ellen agreed during a chat. Lulene said: "I will supply you with lemon meringue pies for however long you want them at $5.00 per pie." Ellen said: "That's great, I'll take them." Both women were pleased.
Soon Lulene had a problem. Between a hurricane in Florida and brush fires in California, the price of lemons increased by 200%. Now, instead of the $5.00 per pie price she intended to charge Ellen, she feels she must charge $7.00 per pie to make a little profit.
Lulene calls Ellen with the bad news and Ellen has a fit. She tells Lulene that's too bad, but the deal is off. Lulene says, "That's what you think!" and goes to see Amanda, her attorney.
-Refer to Fact Pattern 10-1. If Lulene sues to enforce her contract with Ellen, a court is most likely to:

Definitions:

Large Numbers of People

A phrase that refers to situations, studies, or phenomena involving a significant population size.

Normative Economic Statement

A statement expressing a value judgment about what ought to be, based on personal values or opinions rather than factual evidence.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by gross domestic product (GDP) growth.

Unemployment Rate

The percentage of the labor force that is jobless and actively looking for employment.