Kirk Receives an Unsolicited Credit Card in the Mail and Tosses

question 70

Multiple Choice

Kirk receives an unsolicited credit card in the mail and tosses it on his desk. Without Kirk's permission, his roommate Leif uses the card to buy a new laptop for $1,800. Kirk is

• A) liable for $1,000.
• B) liable for $500.
• C) liable for $50.
• D) not liable for any amount.

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Definitions:

Bid-Rigging Cartel

A secretive agreement between competitors to fix bidding processes to ensure a predetermined outcome.

Winning Bid

The highest offer made in an auction that wins the item or contract being auctioned.

Bidders Values

The individual valuation that bidders assign to the item or items being auctioned, which influences their bidding strategy.

High-Value

Refers to items or services that are of significant worth, often due to their quality, scarcity, or demand.