Joy and Karl Contract for the Sale of Joy's Prize-Winning

question 44

Multiple Choice

Joy and Karl contract for the sale of Joy's prize-winning show dog for $1,000.Unknown to either party,the dog has died.Karl is

• A)entitled to another dog of equivalent value.
• B)not required to pay due to the bilateral mistake.
• C)not required to pay due to the unilateral mistake.
• D)required to pay because he assumed the risk the dog might die.

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Definitions:

Market-oriented

A business approach focusing on understanding and meeting the desires and needs of its customers through its product mix.

Sales-oriented

Pertains to a business approach focused primarily on sales volume as the chief measure of success, often at the expense of customer satisfaction or product quality.

Lifetime Profitability

Refers to the total net profit a company expects to earn over the entirety of its business relationship with a customer.

Relationship Value

The perceived worth or benefits derived from maintaining a long-term relationship with a customer or business partner.