Rice Contracted with Locke to Build an Oil Refinery for Locke.The

question 44

Multiple Choice

Rice contracted with Locke to build an oil refinery for Locke.The contract provided that Rice was to use United Pipe Fittings.Rice did not do so.United learned of the contract and,anticipating the order,manufactured additional fittings.United sued Locke and Rice.United is:

• A)entitled to recover from Rice only,because Rice breached the contract.
• B)entitled to recover from either Locke or Rice because it detrimentally relied on the contract.
• C)not entitled to recover because it is a donee beneficiary.
• D)not entitled to recover because it is an incidental beneficiary.

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Definitions:

Monetary Policies

Economic strategies, implemented by a central bank, that regulate the amount of money in circulation to control inflation, employment, and economic growth.

Federal Reserve Board

The governing body of the Federal Reserve System, responsible for overseeing the United States' central banking system and setting monetary policy.

Income Tax

refers to a tax levied by governments on the income earned by individuals and entities, which varies depending on the income level and source.

Levied

Imposed (a tax, fee, or fine) by authority or government, usually requiring payment by law.