When is nonperformance by a contractual party excusable?
What will be an ideal response?
Nonperformance is excused if a contract becomes impossible to perform. It must be objective impossibility, not subjective. The following types of objective impossibility excuse nonperformance:
1. the death or incapacity of the promisor prior to the performance of a personal service contract
2. the destruction of the subject matter of a contract prior to performance
3. a supervening illegality that makes performance of the contract illegal
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The DuPont return on asset ratio would include which of the following?
a. Net profit margin b. Return on equity c. Net income to fixed assets d. Return on investment
What is the name of the decision-making model used in the textbook?
a. The seven-step decision model b. Decisions made easy c. Five-step model of decision-making d. Decisions, decisions, which one?
Informality in procedures means that unintended consequences are common in social media
Indicate whether the statement is true or false
Below you are given a profit payoff table involving three decision alternatives and three states of nature. DecisionAlternative States of Nature s1 s2 s3? A -25 10 15B 16 -5 8C 15 25 -10? The probability of occurrence of s1 is .1 and the probability of occurrence of s2 is .3. The recommended decision alternative based on the expected value is
A. A. B. B. C. C. D. Both A and B are optimal.