Carlos Visited Vancouver Last Summer and Instead of Going Back

question 94

Multiple Choice

Carlos visited Vancouver last summer and instead of going back to Ontario he stayed and enrolled at Simon.He needed money but didn't need things left in Ontario,including his car.In mid-December,he wrote a friend and offered to sell the car for $4000 and told him to send him a letter with his answer.His friend received the letter on January 2,checked his financial situation,and sent a letter of acceptance January 3.Meanwhile Carlos,short of cash and not hearing from his friend,sold the car to Mr.Reno on December 31.Carlos received his friend's letter January 8.Based on these facts,which of the following is true?

• A) In order for there to be a binding contract, there must be an offer and receipt of the letter.
• B) All methods of acceptance are effective upon receipt by the offeror.
• C) Sending an acceptance by mail was not a reasonable method of acceptance in this situation.
• D) The letter of acceptance was effective when it was received, and by then Carlos had sold the car, so there was no contract.
• E) The acceptance was effective before it was received, so there was a contract between Carlos and his friend.

Describe the impact of cultural and sociohistorical contexts on psychology and behavior.

Explain the concept of heredity and environment's joint influence on behavior.

Understand the diversity and theoretical underpinnings of psychological study.

Acknowledge the importance of objective study methods and the avoidance of subjective bias.

---

Definitions:

Net Cash Inflows

The amount of cash that a company receives minus the cash it spends over a period.

Cash Payback Method

The cash payback method is a capital budgeting technique that calculates the time needed to recoup the cost of an investment based on its expected cash flows.

Period

A length of time during which a series of events or an action takes place or is completed.

Salvage Value

The estimated residual value of an asset at the end of its useful life, often used for depreciation calculations.