Answer:
Case summary:
D is a college alum gets trapped in a blizzard on his way home. He was furnished with nourishment and haven by an old couple and he returned home once the climate was clear. D's dad F guaranteed the couple to pay $500 recorded as a hard copy for their assistance and the couple acknowledged. In any case, as D and F had contrasts later, F denied paying that sum.
Case investigation:
Thought: Consideration is the advantage or worth got by the gathering for satisfaction of their guarantee. On the off chance that there is no thought, the agreement isn't enforceable. Following are the components of thought:
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Lawfully adequate worth: The thought ought to have some an incentive under the lawful arrangements.
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Dealt trade: The thought ought to give the chance to deal between the gatherings. It implies one gathering should return something of significant worth to the next gathering for execution of that party.
For instance, an individual A guarantees B that he would pay $1,000 for driving him to chip away at that day. Here. An is paying $1,000 for B as an arrival for driving him to work (execution).
A guarantees him to give him a vehicle as he was graduated. It isn't thought since B didn't vow to perform anything. It is only a present for B from A.
Past Consideration: The guarantees which were made by a gathering for the presentation of activities in past by another gathering are unenforceable. As there is no anticipated trade component, it is no thought.
Right now, old couple gave haven to D. They neither guarantee D to give cover nor bartered that he ought to give them something to return.
F guaranteed them to pay $500 as a demonstration of thankfulness for their assistance yet it is a present for their assistance in past. In this way, it isn't past thought.
Consequently, the couple can't hold F at risk for making the installment for giving haven to his child.
The option Randolph has a diversity action that can be brought in federal court is a true statement
Option C is correct .
Federal Court :
Federal courts are courts of special jurisdiction, meaning they can only hear cases sanctioned by the United States Constitution or federal statutes. The federal district court is the commencement for any case arising under federal statutes, the Constitution, or treaties
What is the jurisdiction of a state?
Jurisdiction refers to the strength of a state to work on persons, property, and circumstances within its territory. It may be utilized through legislative, executive, or judicial actions.
Learn more about federal court :
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A corporate bond is a bond issued by a corporation in order to raise financing for a variety of reasons such as to ongoing operations, M&A, or to expand business. The term is usually applied to longer-term debt instruments, with maturity of at least one year.
Complete Question:
The market system:
A. produces considerable inefficiency in the use of scarce resources.
B. effectively harnesses the incentives of workers and entrepreneurs.
C. is not consistent with freedom of choice in the long run.
D. has slowly lost ground to emerging command systems.
Answer:
B. effectively harnesses the incentives of workers and entrepreneurs.
Explanation:
An economic system can be defined as a series of governmental or societal arrangements and a coordinating mechanism used for the allocation of available resources, economic inputs, goods and services across a particular country. The economic system differs according to the method used to coordinate economic activities and who the factors of production belongs to.
Generally, there are basically two (2) main types of economic systems and these are;
1. Command systems.
2. Market systems.
The market system effectively harnesses the incentives of workers and entrepreneurs because workers are able to engage in division of labor and are well compensated for their efficiency in service while the entrepreneur are usually rewarded with an increase in sales and profits.
The market system allows participants to have property rights such as trademarks, patents and copyright. Also, market systems are regulated by the competition among individuals (traders or entrepreneurs) and this gives direction to the market as they pursue self interests and are independent.
