Maria Has Just Sat Down and Is Ready to Take

question 55

Essay

Maria has just sat down and is ready to take her last final exam before graduating.Just before the tests are distributed she discovers that all three pens that she brought are out of ink.She turns to Mike,a classmate,and asks to borrow a pen.Recognizing her predicament,he says,"No,I won't lend you a pen but I'll sell you this BIC ballpoint pen for $100.00".Recognizing that she has no alternative,she gives him the money.A BIC pen is worth about $.10.Afterwards she demands a return of her cash and offers to return the pen.Mike laughs and says,"No,a deal's a deal".How would the courts look at this "deal"?

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Definitions:

Defective Motor

A motor that fails to operate within its specified performance criteria due to faults in design, material, or workmanship.

Discount Period

The time frame during which a payment made early is eligible for a discount according to the terms of the sales agreement.

Money Market Account

A type of savings account that typically offers both higher interest rates and greater withdrawal flexibility compared to regular savings accounts.

Annual Rate

Typically refers to the yearly interest rate or yield on a financial product or investment.