Distinguish between a contract and a gift. Give an example of each.
What will be an ideal response?
The factor that distinguishes a contract from a gift is that a gift lacks consideration. Consideration can be an act or a promise. Normally, it is either doing or promising to do something you are not legally required to do or refraining from doing something you are legally entitled to do. A contract usually consists of mutual promises, but a gift is a one-way transaction. An example of a contract is: Jane promises to pay Whit $1,500 to repair her roof by October 1 and Whit agrees. Each promise is consideration for the other promise. An example of a gift is: Myra hands Kim four tickets to a soccer tournament, saying, "We hope you and your family can use these to go to see Debra play on Saturday." Kim says, "Thanks, we'd love to go." This is an inter vivos gift whereby Myra intends to transfer ownership immediately. She delivered the tickets to Kim, who accepted them.
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Fill in the blank(s) with correct word
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A) £0.8333 B) £0.8833 C) £0.3833 D) £0.3888
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A. Hiring the right people B. Understanding customer requirements C. A service blueprint D. Innovation E. Employee training
A company has developed a new computer sound card whose average lifetime is unknown. In order to estimate this average, 200 sound cards are randomly selected from a large production line and tested; their average lifetime is found to be 5 years. The 200 sound cards represent a:
A. parameter. B. statistic. C. sample. D. population.