Ravi,an Art Collector,had Been Made a Standing Offer by a Gallery

question 15

True/False

Ravi,an art collector,had been made a standing offer by a gallery to purchase one of his paintings for $150,000.At shows and luncheons of the art community he had previously rejected the entreaties,knowing the painting to be worth at least twice as much.On the latest occasion of a luncheon at which Ravi was deliver an art commentary to the guests,the gallery made its offer once more.To himself,Ravi considered the offer and concluded he could use the charitable tax relief that such a sale at a loss would generate.In the course of his speech,he acknowledged and accepted the offer.Two days later,Ravi's lawyer advised him that the purchasing gallery was NOT a charitable foundation,and no tax deduction for such a "donation" could be expected.Ravi then refused to sell the painting to the gallery.On the strength of the verbal agreement of purchase and sale made in the presence of witnesses,the gallery sued Ravi for breach of contract,and for a decree of specific performance to compel Ravi to sell it the painting.Ravi may successfully plead that his words were agreement in principle only.

Compare financial products and understand the impact of compounding on interest rates and returns.

Evaluate and compare different cash flow scenarios using present value and future value concepts.

Understand the concepts of perpetuities and their valuation.

Apply time value of money concepts to real-world financial decisions.

---

Definitions:

Restrictive Parents

Describes parenting styles that impose strict rules and expectations, often with limited freedom or autonomy for the child.

Predict Behavior

The process of using observed information, patterns, or trends to anticipate an individual's or group's future actions or reactions.

Exploring The Unconscious

The process of delving into the unconscious mind to uncover hidden beliefs, desires, or motivations.

Studying Personality

The academic and research-based investigation into the characteristics, traits, and behaviors that make up an individual's unique personality.