Answer:
False. There is no legal contract without value consideration.
Explanation:
The following elements must be present to declare a contract legally binding and valid.
An offer for a good or service that is being exchanged, An acceptance of this offer, A consideration which is usually the value of the goods and services that are being exchanged.
While this transaction fulfills the offer and acceptance elements, the consideration or value specification is unfulfilled and as such there is no legally binding valid contract as the prices have not been specified before agreeing to transact.
There might not be any need be for specifying prices if there is a trade, which is both parties exchange goods but in this case there is just one party delivering goods.
Hope this helps.
<span>A hung jury is one whose members are irreconcilably divided.
In hung jury the members are </span>irreconcilably divided in their opinions that they cannot reach a verdict (a formal decision that was made by the jury) or we can say that they can't concur upon a decision after stretched out thought and can't achieve the required unanimity or super-majority, hung jury is also known as deadlocked jury.
Answer: A. You would raise your policy premium substantially and Sam would not accept because he doesn't know about the Japanese.
Explanation:
In such a scenario as the one described above, the best option as an Insurance Agent is indeed to raise premiums substantially.
As the Japanese will most probably get to market first with the new Mayonnaise Substitute, they will have the rights to it's invention and could even patent it.
This means that Sam and SCAM will most likely suffer a loss as a result of this.
As there is such a high chance of loss, charging a substantially higher premium to enable coverage is only logical and makes business sense.
Sam does not know however that the Japanese are so far ahead and having rejected a substantially lower offer, will reject the newer, substantially higher one as well.
This is an exit strategy when an entrepreneur sells his or her company to its managers a management buyout. Management buyout, MBO, is defined as a transaction where a company's management team will purchase assets and operations within the business that they manage. The can purchase from within their organization or from other parent company's. This technique gives the person/company a shortcut to having more financial freedom.
