John and Joan Enter a Contract Whereby John Will Feed

question 61

Essay

John and Joan enter a contract whereby John will feed Joan's cat for $100 while Joan is on vacation.Another part of the contract provides that John will mow Joan's whole yard for the summer for $500.Just before Joan leaves for vacation,John discovers that Joan's cat is not a domesticated cat but is instead a lion rescued from the circus.In the area in which John and Joan live,it is illegal to keep or care for a wild animal such as a lion in a domestic setting.John tells Joan to forget it,that she misrepresented the nature of the animal,and that she can forget about the contract,including the lawn mowing deal.Joan,being a somewhat reasonable person,feels bad about not telling John the whole truth about the cat,and she is willing to compromise on that issue.She does,however,want to enforce the yard mowing agreement.What is her best argument?

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Definitions:

Intellectual Capital

The intangible value of a company's employee knowledge, business training, and any proprietary information that contributes to the company's competitive advantage.

Knowledge Management

The method of generating, distributing, utilizing, and controlling an organization's knowledge and information to improve its efficiency and competitive edge.

Data

Raw facts and observations.

Information

Data made useful for decision-making.