Assume That All Other Requirements for a Valid Contract Are

question 154

Multiple Choice

Assume that all other requirements for a valid contract are present and indicate which of the following would be a binding agreement.

• A)Mr.Ng promises to give $25 to the Canadian Cancer Society and makes that promise under seal.The association accepts but gives him nothing in return.
• B)John,so grateful that Jim returned a lost computer disk on which John had saved a term project,promised to give Jim $50.Jim stated that he deserved $100.
• C)Len offered to sell his $300 snowboard to Chuck for $400.Chuck said no.
• D)Joe offered to pay a florist to put flowers on Marilyn's grave once a week for a whole year for $500.The florist agreed to the terms of the offer but only for 10 weeks.
• E)Nervous that the programmer would not finish the project by the time specified in the contract,the owner of the company promised to give the programmer an extra $400 if he would complete the work according to the contract.The programmer agreed.

Understand the perspectives of different schools of thought on unions and their role in correcting market imperfections.

Recognize the importance of balancing power between labor and management for fair labor market outcomes.

Appreciate the role of independent employee representation, especially labor unions, in protecting workers' interests.

Identify the causes of the labor problem according to different schools and the proposed solutions.

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Definitions:

Inelastic

Describing a situation where the demand or supply for a product does not significantly change in response to a change in price.

Excise Tax

A tax levied on specific goods, services, or transactions, often with the aim of reducing their consumption.

Producer Surplus

The distinction between the acceptable selling price for producers of a good or service and the actual price achieved.

Equilibrium

The state in which market supply and demand balance each other, and as a result, prices become stable.