Henry, Who Is Already 25, Promised in Writing to Give

question 39

Multiple Choice

Henry, who is already 25, promised in writing to give his buddy Jake $250 as a gift when he celebrated his 25th birthday. Jake thanked Henry and kept the written promise in his wallet. But when the date arrived, Henry decided not to make the payment. Jake was understandably disappointed and plans to sue Henry for breach of contract in order to require him to make good on his promise. Why is Jake's lawsuit unlikely to be successful?

• A) because Jake didn't offer any consideration to Henry
• B) because Jake was a minor at the time of the agreement
• C) because Henry lacks the legal capacity to enter into a contract
• D) because there was no mutual assent

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Definitions:

Sample Standard Deviation

A measure of the dispersion or variability in a sample dataset, quantifying the amount of variation or spread of data points.

Unbiased Estimator

An unbiased estimator is a statistical estimator that, on average, equals the parameter being estimated, ensuring accuracy over many samples.

Population Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values in a population.

Estimator

A rule or formula that provides an estimate of a population parameter based on sample data.