There are 6 requirements for a verbal contract:
An offer. -- they had this
An acceptance. -- the contract was accepted
Competent parties who have the legal capacity to contract. - they both have the right to make this decision
Lawful subject matter. this is not an illegal operation
Mutuality of obligation. Both parties are obligated to do something in this case.
Consideration. if there were discussions of payment, then yes this is a legally enforceable contract.
Answer:
<u>a. True</u>
Explanation:
Indeed, we could rightly say the statement is true by remembering the four key factors of production (business):
- capital (wealth)
- labor
- resources
- entrepreneur.
Labor is part of the list of important factors and political freedom allows the entrepreneur to sucessfully manage business activities.
Answer:
Deal
Explanation:
Amount of cash left in the 5 Suitcase = $1 , $30000, $100000, $300000, $750000
The probability of selecting each bad is equal and it is 1/5
Thus, the expected value of prize = 0.2(1+30000+100000+300000+750000)
= 0.2 * 1180001
= $236,000.2
0
Since the bank is offering amount of $250,000 which is greater than the expected value, then it is considered as a deal.
Answer:
Job description
Explanation:
A job description is defined as a written document that enumerates the duties that is expected from someone occupying a particular position.
Job description gives an employee a guide on how to effectively meet up with performance requirements in a position, since all key performance activities are enumerated.
Skills needed to succeed on the job can also be communicated in the job description.
In this scenario where Sylvia is referring to a statement of all the things a worker actually does and how he or she does them, is essential in helping workers understand what their job entails and how they can have the most impact on their performance. She is describing a job description.
Answer:
$22,245.44
Explanation:
For computing the future value we need to apply the future value which is to be shown in the attachment below:
Provided that,
Present value = $0
Rate of interest = 8%
NPER = 18 years
PMT = $550
The formula is shown below:
= -FV(Rate;NPER;PMT;PV;type)
So, after applying the above formula, the future value is $22,245.44
