Mary runs a ski shop at a popular ski resort. She is approached by Sandy who has several
hundred ski hats she would like Mary to buy for her shop. These hats are very funky and
artistic.
From Mary's experience, she believes that they will either be a big hit and will sell out
quickly, or people will look at them and say, "how interesting" and move on. Mary says she does
not want to be stuck with a bunch of the hats. Mary says that she will buy them, but wants
Sandy to agree to take any back at the end of the season if they didn't sell and Mary decides to
not keep them until the following season. This arrangement is:
A) A sale or return.
B) Not a contract because Mary has made an illusory promise.
C) A consignment.
D) A sale on approval.
A
You might also like to view...
A disadvantage of univariate time-series models and VARs is
A. they cannot be used easily to analyze the effects of monetary policy. B. they are based on classical, rather than Keynesian, economic theory. C. they provide poor forecasts. D. they are not based on data.
The member states of the Commonwealth of Independent States (CIS) have signed agreements addressing issues of integration and cooperation with respect to economics, defense, and foreign policy
Indicate whether the statement is true or false
MPR professionals should monitor blog posts because they can perform all of the following functions EXCEPT
A) providing psychographic data. B) acting like a media mention. C) spurring word-of-mouth. D) increasing product sales. E) analyzing new products.
Dean Builders agrees to purchase all of its sump pump requirements for the new houses it builds from Satisfactory Sump Pump, Inc These two business have had similar agreements the last three years and Dean's requirements have averaged 100 sump pumps per year. This year there was an unusually wet spring and Dean's requirements doubled to 200 sump pumps. Because of the high demand for sump pumps,
the market price of the pumps tripled. Satisfactory Sump Pump, Inc delivers 100 pumps at $75, the contract price. Satisfactory has exhausted its inventory and cannot deliver any more, so Dean buys the other 100 pumps from other suppliers at $225 each. Dean sues Satisfactory Sump Pump, Inc for the additional expense. What is the most likely result? a. Satisfactory Sump Pump, Inc. wins; output and requirements contracts are not enforceable since no quantity is stated. b. Dean wins; Satisfactory Sump Pump, Inc. agreed to meet the needs of Dean and did not do so, which is a breach. c. Satisfactory Sump Pump, Inc. wins; requirements contracts are governed by a good faith standard, and it was unreasonable for Dean to demand so many additional pumps. d. Dean wins; the requirement of good faith applies only between merchants, and Dean is not a merchant.