Fact Pattern 12-1 (Questions 2-3 Apply)

question 44

Multiple Choice

Fact Pattern 12-1 (Questions 2-3 apply)
Moore Properties, Inc., offers in writing to sell to Lawn Acres Development Corporation a certain half-acre of land for "$112,000." After Lawn Acres signs the offer in acceptance and returns it, Moore discovers that the price should have been stated as "$121,000."
-Refer to Fact Pattern 12-1.The effect of Moore's misstatement of the price will most likely fall on

• A) Moore and Lawn Acres, who must split the difference.
• B) Moore only.
• C) Lawn Acres only.
• D) neither Moore nor Lawn Acres.

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Definitions:

Percentage

A numerical expression or ratio indicating a portion of 100.

Percent

A mathematical term describing a number or ratio expressed as a fraction of 100.

Improper Fraction

A fraction where the numerator is greater than or equal to the denominator.

Numerator

The top number in a fraction that indicates the number of parts considered, relative to the denominator.