Mark enters into an oral contract to sell Clara his music collection for $10,000. Later, Mark sues Clara for not making the payment of $10,000. Clara refuses to pay the amount and instead claims to the court that the music collection was hers all along and that Mark is lying. In this case, what can aid Mark in getting his payment of $10,000?
What will be an ideal response?
In a court of law, admission from Clara about the existence of an oral contract can aid Mark in getting his payment of $10,000. If one party sues another party for failing to perform promises that are made orally, the defendant might argue the contract cannot be enforced since it must be in writing under the statute of frauds. This defense asks the judge to dismiss the lawsuit. Based on the historical background of the statute of frauds, a judge does not want the burden of deciding which party is telling the truth about the existence or nonexistence of an oral contract. However, if the defendant admits in court or in documents filed in court that an oral contract does exist, the judge does not have to guess about the contract's existence.
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Which of the following does not result in the dissolution of a partnership?
A) Death of a partner B) Admission of a new partner C) Withdrawal of a partner D) Sale of partnership assets
Dinpro has been a major player in the surgical supplies market for over two decades. However,
it has steadily lost ground to United Surgicals over the past two years, with over half the customers preferring to do business with it. Identifying this downward trend, Dinpro has decided that it can wrest back the market leader position through a shrewd pricing strategy. Which of the following pricing strategies would best help Dinpro regain the market leader status? A) withdrawing company products from circulation to create an artificial demand and selling products at higher prices B) setting product prices higher than those of United Surgicals to indicate better product quality C) selling products at prices lower than those of the competition to maximize market share D) introducing innovative products and setting their prices high shortly after launch to recoup development costs
Please explain the paradox that change leaders must understand in order to balance patience and impatience.
What will be an ideal response?
The operations management function ______.
a. transforms outputs such as materials and energy and labor into useful products and services b. is responsible for designing, operating, and improving the processes used to produce goods and services that the final consumer values c. refers to the efficient and effective management of capital d. helps the company to identify new markets and what customers in these markets want