On May 1,Dix and Wilk Entered into an Oral Agreement

question 1

Multiple Choice

On May 1,Dix and Wilk entered into an oral agreement by which Dix agreed to purchase a small parcel of land from Wilk for $450.Dix paid Wilk $100 as a deposit.The following day,Wilk received another offer to purchase the land for $650,the fair market value.Wilk immediately notified Dix that Wilk would not sell the land for $450.If Dix sues Wilk for specific performance,Dix will:

• A) prevail,because the amount of the contract was less than $500.
• B) prevail,because there was part performance.
• C) lose,because the fair market value of the land is over $500.
• D) lose,because the agreement was not in writing and signed by Wilk.

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Definitions:

Capital Resources

Assets such as machinery, buildings, and equipment used to produce goods and services.

Per Capita Income

The per capita income in a particular area or country, found by taking the total revenue generated in that area and dividing it by the population size.

Purchasing Power Parity

An economic theory that compares different countries' currencies through a "basket of goods" approach to determine the relative value of the currencies.

Per Capita Income

measures the average income earned per person in a given area in a specified year.