Sigmund Enters into a Contract with Carl

question 22

Multiple Choice

Sigmund enters into a contract with Carl.The terms are that Sigmund will purchase all the gasoline that he wants to purchase in 2011 at a price of $2.50 per gallon,and Carl agrees to sell on those terms.This is an example of a(n) :

• A)valid contract.
• B)illusory contract.
• C)voidable contract.
• D)implied contract.

Calculate unit values and perform simple financial calculations.

Understand the concept and significance of brand communities and communities of practice in social media.

Identify the advantages and disadvantages of user-generated content sites, RSS feeds, and curation sites.

Recognize effective social media strategies for responding to rumors or misinformation.

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Definitions:

Defendants Liability

The legal obligation of a defendant in a lawsuit to compensate for harm caused to the plaintiff as determined by a court judgment or settlement.

Punitive Damages

Financial compensation awarded to a plaintiff that goes beyond what is necessary to compensate for losses and is intended to punish the defendant.

Gross Negligence

A severe lack of care that shows a reckless disregard for the safety or lives of others, which is considered more serious than simple negligence.

Strict Liability

A legal doctrine holding parties responsible for damages or harm caused by their actions, regardless of intent or negligence.