The Manager of Mack's Bar Sent Olive Outlet an Order

question 26

Multiple Choice

The manager of Mack's Bar sent Olive Outlet an order for 200 cases of olives to be shipped "as soon as possible." The day Olive Outlet receives Mack's order, it ships the olives. Later that day, Mack's manager phones Olive Outlet and tries to revoke his offer. Under these circumstances:

• A) Mack's Bar cannot revoke because a contract was created when Outlet shipped the olives.
• B) Mack's Bar can revoke because the acceptance had not been received.
• C) Mack's Bar can revoke based on principles of promissory estoppel.
• D) Mack's Bar cannot revoke, since the olives will spoil if they are shipped back.

Gain insight into the calculation of expected profits in business bidding processes.

Understand the calculation of expected values for probabilities involving selection, such as card games and dice rolls.

Grasp the computation of standard deviation in various probability distributions.

Apply knowledge of standard deviation to assess the variability in probability models for real-world scenarios.

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