Harold Agreed to Sell a Widget to Sheila for $10

question 78

Multiple Choice

Harold agreed to sell a widget to Sheila for $10 000.Sheila paid the purchase price immediately and Harold was required to deliver the widget on June 1.In fact,Harold did not deliver the widget until June 21.As a result,Sheila was unable to perform a contract for ABC Inc.on June 19 that would have paid her $15 000.Which of the following statements is TRUE?

• A)Sheila is entitled to recover $15 000 in damages from Harold as long as she knew,or should have known,that late delivery would cause her to lose her contract with ABC Inc.
• B)Sheila's loss of $15 000 is best described as an intangible loss.
• C)Sheila is liable to Harold for $15 000 as long as he knew,or should have known,of the possibility of that loss when he breached the contract.
• D)Damages will be reduced to the extent that Harold failed to mitigate the loss that was caused by the breach.
• E)Depending upon the facts,Sheila's damages may be reduced on the basis of both the concept of remoteness and the concept of mitigation.

Understand the concept and dangers of groupthink in team dynamics.

Identify factors contributing to and detracting from effective teamwork.

Recognize the significance of collaboration and participative management in the workplace.

Comprehend the importance of defined roles, goals, and clear communication in teamwork.

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Definitions:

Aggregate Income

All earnings of resource suppliers in an economy during a given period, usually a year.

Price Level

A measure of the average prices of goods and services in the economy at a given time, often used to assess inflation rates.

Stock Variable

A quantity measured at a specific point in time, representing a snapshot of a certain economic variable such as capital or debt.

Periodic Variable

A variable that changes at regular intervals over time in a predictable pattern.