To Retain Goodwill and Help the Reader "Accept" the Bad

question 48

Multiple Choice

To retain goodwill and help the reader "accept" the bad news you must

• A) show that the matter was taken seriously and the solution was objective and fair
• B) just tell them the company policy
• C) explain that it has always been done this way
• D) apologize

Distinguish between enforceable and non-enforceable promises based on the presence of consideration.

Recognize the legal implications of agreements lacking consideration, such as accord and satisfaction.

Identify exceptions to the general rules of consideration, including past consideration and moral consideration.

Understand the role of consideration in the enforceability of a contract, including its function in bargain-for exchanges.

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Definitions:

Equilibrium Value

The price and quantity at which supply and demand in a market are balanced.

Marginal Product

The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.

Marginal Productivity Theory

An economic theory that explains the determination of wages in the labor market, suggesting that the wage of a worker is set at a level equal to their marginal contribution to the production process.

Income Disparities

The differences in income levels among individuals, households, or regions, indicating inequality in the distribution of wealth.