Rough Hewn Lumber Company Orally Contracts with Joe for the Purchase

question 72

Multiple Choice

Rough Hewn Lumber Company orally contracts with Joe for the purchase of five acres of Joe's timberland. Joe makes the transfer but Rough Hewn does not pay the price. The lack of a written contract could bar enforcement of this deal. If so,Joe could most likely recover on a theory of

• A)rescission.
• B)restitution.
• C)liquidated damages.
• D)quasi contract.

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Definitions:

Minimum Value

The smallest number in a data set.

Significance

Significance refers to the measure of whether the results of a study or experiment are likely not due to chance, as determined by a set threshold of probability (p-value).

Alpha (α)

The threshold of significance in a statistical test; the probability of rejecting the null hypothesis when it is true, often set at 0.05 or 5%.

Population Parameter

A value that represents a characteristic of an entire population, such as its mean or standard deviation.