Reference - Disputed Ring

question 23

Multiple Choice

Reference - Disputed Ring. While working in the yard, Tina found a beat up ring. Becca, an eighteen-year old teenager and neighbor, came over to visit and liked the ring. Tina said, "You can have this old thing if you would like." Becca replied, "I really like it-Maybe it's a real diamond!" Tina laughingly told her that there was a one in a billion chance of that and that Tina was more likely to win the lottery. A few months later Becca ran over to Tina's house and told Tina that the ring was actually a diamond worth thousands! Becca gave Tina the ring to examine. Tina put it in her pocket and told Becca that she would never have given it to her if she had realized its value and that possession was back where it had always belonged. Tina also told Becca that Becca failed legally to accept the gift because she did not know its true value and also because Tina did not sign any document turning over title. Becca sues. Which of the following is true regarding Tina's statement that Becca could not have validly accepted the ring?

• A) If the ring is valued at $500 or over, then Tina is correct that Becca did not validly accept the ring because a writing would have been needed to validate acceptance.
• B) If the ring is valued at $1,000 or over, then Tina is correct that Becca did not validly accept the ring because a writing would have been needed to validate acceptance.
• C) If the ring is valued at $10,000 or over, then Tina is correct that Becca did not validly accept the ring because a writing would have been needed to validate acceptance.
• D) Tina is correct that Becca could not have validly accepted the ring when she did not understand its true value.
• E) Tina is incorrect, and Becca validly accepted the ring as a gift.

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Definitions:

Mean

To find the average value of a group of numbers, one adds together all the numbers and divides by how many numbers there are.

Skewed

Describes a distribution of data that is asymmetrical, where a tail of the distribution is longer or fatter on one side than on the other.

Overall Average

The mean value calculated from the sum of all elements in a dataset divided by the total number of elements.

Statistics

The practice or science of collecting and analyzing numerical data in large quantities, especially for inferring proportions in a whole from those in a representative sample.