Yes , Judy and Kristy have an enforceable binding contract
Explanation:
Kristy Johnston, Judy Olsen, and Joyce Johnston, their mother, owned real estate as common buyers. After Joyce died, she left Kristy her one-third share in the house. Kristy sent Judy a letter in 2009 promising Judy to purchase or sell Judy's share in the property.
Judy accepted the sale bid from Kristy. Kristy then tried to refuse Judy's approval and to cancel her bid for sale. Judy lodged a Kristy lawsuit.
The court granted the summary judgment to Judy finding that a contract had been drawn up between the letters exchanged between Judy and Kristy which satisfied the frauds ' status. The Supreme Court ruled that the district court decided out that an enforceable arrangement was established by exchanging letters from the parties.
Answer:
Inelastic demand, Amputation procedure
Explanation:
The good with no close substitute is likely to experience inelastic demand because the consumer does not any close substitute to change to, this means that even when price is increased, the consumer is not likely to stop buying if the good is a necessary good.
The Amputation procedure will have least elastic demand because the diabetes sufferer does not have close substitute to change to when price increase while Diamond necklace is a luxury good, when the price is increased the consumer stop buying or switch to other luxury goods such as gold, silver that are equally used for decoration purposes.
Can’t see it, it’s really blurry!
Answer:
The correct answer is letter "B": rational people think at the margin.
Explanation:
The "rational people think at the margin" principle means that consumers consider the marginal benefits and costs of acquiring a good or service before the purchase is made. Purchases typically take place when the marginal benefit is higher than the marginal cost.
Answer:
Discount yield is 8%
Bond equivalent yield is 8.19%
Explanation:
The discount yield on the commercial paper is calculated as:
(($500,000 - $495,000)/$500,000 ) x (360/45)
= ($5,000/$500,000 x (360/45)
= 0.01 x 8
= 0.08
= 8%
And bond equivalent yield is calculated as:
(($500,000 - $495,000)/$495,000) x (365/45)
= ($5,000/$495,000) x 8.11
= 0.0101 x 8.11
= 0.0819
= 8.19%
