Mike and Ike Agreed Orally That Mike Would Tutor Ike

question 33

Multiple Choice

Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for 3 hours.After Mike has done the 3 hours of tutoring,but before Ike pays him next week,this contract is:

• A)Executed.
• B)Implied-in-fact.
• C)Executory.
• D)Performed.
• E)Quasi-executed.

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Definitions:

Competitive Supply Curve

A graphical representation showing the quantities of a good or service that a firm is willing to supply at different prices in a competitive market.

Dominant Firm

A firm that has a large share of the total sales in a particular market, giving it significant control over the market.

Copper Cartel

An agreement among copper-producing countries or companies to control copper prices and production, often to maintain high prices.

Inelastic Demand

A market situation where the demand for a product does not significantly change with a change in price, indicating consumers’ lesser sensitivity to price changes.