Answer:
What is entirely true about this contract is:
The contract is a VALID contract but is also a VOIDABLE contract on the part of Larry but NOT on the part of Sprint.
Explanation:
As a minor, Larry (he was under the age of 18 when he signed the contract with Sprint) lacks the contractual capacity to enter into the contractual relationship with Sprint. But since he has signed the contract in exchange for the purchase of the cell phone, Larry can either honor the deal or void the contract. This is why the contract is said to be valid but voidable at Larry's behest. However, after Larry has turned 18, if he has not done anything to void the contract, then the contract with Sprint can no longer be voided.
Answer:True
Explanation: In live auctions, buying and selling of items, and bidding on these items, are done face to face by the auctioneer and the bidder. Online auction sites provide platforms for consumers and producers to buy and sell items over the internet.
Online auctions are different. Because these transactions take place online, and are thus automated, when an "offer" to sell an item occurs then it can be taken as an opportunity to negotiate. Interested parties can make bids on the item, with or without a limit, depending on the auctioneer. Then the party with the highest bid wins the item.
Answer:
Software as a Service (SaaS)
Explanation:
Software as a service (SaaS) allows users connected to cloud-based applications over the Internet and use them. Some common examples are email, calendars and office tools (such as Microsoft Office 365).
SaaS offers a comprehensive software solution that is acquired from a cloud service provider through a pay-per-use model. It is possible to rent the use of an application for the organization and users connect to it through the Internet, usually with a web browser. All underlying infrastructure, middleware, software and application data are located in the provider's data center. The service provider manages the hardware and software and, with the appropriate service contract, will also guarantee the availability and security of the application and data. SaaS allows an organization to get started and can run applications with a minimal initial cost.
Answer: b) Supply is inelastic and demand is inelastic.
Explanation: Dead-weight loss is the loss in total surplus when a tax is imposed on a good which restricts demand and supply from balancing. When both the demand and the supply curves are inelastic, the effect of a tax will be lead to a small change in the quantity being traded in the market. Thus, the equilibrium quantity at the taxed price will not fall much and the dead weight loss will therefore, be smaller.
