Discuss the concept of adequacy of consideration
Adequacy of consideration is not required where parties have freely agreed to the exchange. The items or actions that the parties agree to exchange do not need to have the same value. The requirement of legal sufficiency of consideration is not at all concerned with whether the bargain was good or bad or whether one party received disproportionately more or less than what he gave or promised in exchange. Courts will not invalidate a contract for absence of adequate consideration unless the purported consideration is clearly without any value. In such case, many courts would hold the transaction is a sham..
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When developing the ________ for his salon, Theo decided to obtain a long-term competitive advantage over other salons by offering longer hours, better prices, a well-trained staff, and hair coloring for half-price every Wednesday to attract customers.
A. business cycle B. focal point orientation C. marketing concept D. retail strategy E. selling concept
Stephen wants to ensure that his goals for his department are relevant. According to the text, he should ask ______.
A. who else is doing this? B. when will it be completed? C. how does this fit in with the broader mission of the organization? D. how will we accomplish this?
Ethnic markets are becoming more important to marketers because
A. they make a clear segment with similar backgrounds and common language, religion, and culture. B. the birthrate of Asian Americans, African Americans, and Hispanics is lower than that of whites. C. the number of ethnic consumers is growing at a much faster rate than the overall society. D. the median age of Asian Americans, African Americans, and Hispanics is much higher than that of whites. E. the buying power of ethnic submarkets has been decreasing.
What is the difference between formal and informal rulemaking?
A) ?The 30-day notice requirement is not necessary for informal rulemaking B) ?The public hearings C) ?The notice need not be published except in the Federal Register for informal rulemaking D) ?The comments are made only during formal rulemaking