A Homebuilder, Jim, Accepts an Entire Contract from Mark to Build

question 45

Multiple Choice

A homebuilder, Jim, accepts an entire contract from Mark to build a house for $500 000 on his property.Half way through the job, the builder's material and money run out and Jim is unable to finish the job.He chooses to leave the worksite indefinitely.A year later, Jim returns to find the house on Mark's property fully completed.Jim then asks Mark to pay for the work that he completed before leaving the worksite.Mark refuses to pay.Which of the following is true?

• A)Mark has to pay Jim $250 000 for the substantial performance.
• B)Mark can use his discretion to decide how much to pay Jim, but the amount must be under $500 000.
• C)Mark owes Jim $0 for the work he did on the house, but he may owe Jim for using his building materials.
• D)Mark has to pay Jim $500 000 for the substantial performance.
• E)Mark owes Jim $0 because $500 000 would be considered an unreasonable price.

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Definitions:

Confidence Interval

Several values, drawn from statistics of samples, which aim to contain the value of an uncharted population parameter.

Gas Price

The cost per unit volume of gasoline, often varying by region, influenced by taxes, supply, demand, and other factors.

Unleaded Gasoline

A type of gasoline without the addition of lead compounds, used to prevent harm to the environment and public health.

Confidence Interval

An array of values, pulled from sampling data, envisioned to enclose the value of a mysterious population parameter.