Dimitri Wrote to Pat Offering to Sell His Neo-Expressionist Painting

question 93

Multiple Choice

Dimitri wrote to Pat offering to sell his neo-expressionist painting "Red Sails in the Sunset" for $25,000.Pat replied that he could not really pay more than $18,000 for the painting.Dimitri replied that he was greatly hurt and deeply insulted by such an offer,especially from someone who was supposed to be a connoisseur of fine art,but that,since he was a little tight for cash,he would be willing to let it go to Pat for $13,000 for old times' sake.Pat immediately replied,saying that he accepted the painting at $13,000 and enquiring whether Dimitri wanted it in cash.Dimitri then realized that he had typed "$13,000" instead of "$23,000" in his second letter to Pat.

• A)Since a reasonable person would have realized that Dimitri had made a mistake,given their prior correspondence,a court would not allow Pat to snap up the offer.
• B)Since the courts do not consider the adequacy of consideration in determining whether or not a contract has been reached,Pat will be able to enforce the contract for $13,000.
• C)Pat could not be expected to read Dimitri's mind and,since he accepted the offer in good faith,Dimitri cannot now back out of their contract.
• D)It is not the function of the court to consider the motives of a party negotiating a contract in asking for what to others might seem to be inadequate consideration from the other party,so Pat will be able to enforce the contract.
• E)It was up to Dimitri not to make mistakes like this and the court will not allow him to use his own carelessness to excuse him from meeting his obligations under the contract.

Identify the factors contributing to global inequality and the distribution of environmental risks.

Comprehend the relationship between socio-economic status and exposure to environmental hazards.

Analyze the societal implications of technological advancements in fields such as genetic engineering on inequality.

Appreciate the complexity of environmental justice issues including the placement of heavy polluters near vulnerable communities.

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Definitions:

Yield To Maturity

The total return anticipated on a bond if it is held until the maturity date, considering all payments of interest and principal against the current market price.

Coupon Payments

Coupon payments are periodic interest payments made by bond issuers to bondholders, and represent the interest earned on the bond investment.

Dividend Growth Model

This model estimates the value of a dividend-paying stock by considering expected future dividend payments, growing at a constant rate, and discounting them back to their present value.

Cost Of Equity

The return that a company requires to decide if an investment meets capital return requirements; it is often used by firms to evaluate the cost of funding from equity financing.