Late One Evening,Charles and Henry Are Discussing the Purchase and Sale

question 33

Essay

Late one evening,Charles and Henry are discussing the purchase and sale of $2,500 of coffee shop equipment after an entrepreneurship class.They are in the classroom when Henry writes their agreement on the classroom whiteboard and both Henry and Charles sign it on the whiteboard.Discuss if this whiteboard document is sufficient to provide a binding written agreement.

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Definitions:

Entire Industry

The collective firms and activities involved in the production, distribution, and sale of goods and services in a particular sector of the economy.

Peter Drucker

A prominent Austrian-American management consultant, educator, and author, considered the father of modern management theories.

Basic Functions

The fundamental roles or activities that are necessary for a system, organization, or process to operate effectively.

Innovation

The process of creating new ideas, products, or methods that bring about significant improvements or changes.