Scenario 18-2 Gertrude Kelp Owns Three Boats That Participate in Commercial Fishing

question 454

Multiple Choice

Scenario 18-2
Gertrude Kelp owns three boats that participate in commercial fishing for fresh Pacific salmon off the coast of Alaska. As part of her business she hires a captain and several crew members for each boat. In the market for fresh Pacific salmon, there are thousands of firms like Gertrude's. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
-Refer to Scenario 18-2. In the fresh Pacific salmon product market, Gertrude has some control over the

• A)price she charges for her fresh salmon.
• B)quantity of fresh salmon that she supplies to the market.
• C)competitive environment of the market.
• D)supply of labor in the market.

Grasp the legal consequences of undisclosed information and non-disclosure in contract formation.

Understand the legal standards for reliance on statements and representations during contractual agreements.

Identify and compare different defenses available for contract rescission.

Describe the significance of material facts in the context of contract law.

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Definitions:

Wrongful Termination

The illegal or unauthorized firing of an employee in violation of federal, state laws, or contractual terms, leading to possible legal action against the employer.

Union Activity

Actions and initiatives taken by labor unions, including negotiations with employers, organizing workers, and advocating for workers' rights.

Job Enrichment

A method of motivating employees by providing them with opportunities for increased responsibility and growth within their roles.

Turnover Rates

The ratio or percentage of employees leaving a company during a certain period, which could indicate the overall health of the organization or its work environment.