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

question 13

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.The gallery can successfully answer all of Ravi's case by raising the parol evidence rule.

Calculate probabilities and areas under the standard normal curve.

Understand the concept of z-scores and their calculation.

Differentiate between different probability distributions and identify situations where the normal distribution applies.

Apply the properties of the normal distribution to solve real-world problems.

---

Definitions:

Subsidies

Financial support extended by the government to firms, businesses, or individuals, often aimed at promoting economic and social policy objectives.

Rules-of-Origin

Regulations determining the national source of a product, affecting the application of tariffs, trade policies, and free trade agreements.

NAFTA Treatment

Special considerations, rights, or provisions under the North American Free Trade Agreement, particularly regarding trade and commerce among member countries.

Extraterritoriality

A legal concept where a country's laws are recognized as having effect outside its territorial borders, often used in diplomatic immunity and international business.