A Computer Manufacturer Offered to Sell Sophisticated Computer Equipment to Another

question 85

Multiple Choice

A computer manufacturer offered to sell sophisticated computer equipment to another country.Two days later,before the offer was accepted,Congress placed an embargo on all sales to this country;and therefore,the offer was terminated by the embargo.This is an example of:

• A)promissory estoppel.
• B)destruction of subject matter.
• C)intervening illegality.
• D)revocation.

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Definitions:

Price Floor

A government or regulatory-imposed price control that sets the minimum price at which a good can be sold, often to protect producers or encourage certain activities.

FICA Tax

The Federal Insurance Contributions Act (FICA) tax is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare programs.

Incidence

The analysis of the distributional effect of a tax or policy on different groups, focusing on who bears the cost.

Tax Imposed

A financial charge levied by a government on individuals, corporations, or goods to fund public expenditures.