Explain what makes a contract legally enforceable.
What will be an ideal response?
An offer is made. It can be oral or written but is not binding until voluntary acceptance of offer is given.
Voluntary acceptance of offer.
Consideration (something of value) is given by both parties.
Both parties are competent and/or have the right to negotiate for their firms.
Contract must be legal. Any illegal activities under a contract are not binding. An example might be gambling.
Any sales of $500 or more must be in writing (all real estate deals need to be in writing).
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Sometimes also called confusion or prediction matrix, the ________ contains the number of correctly classified and misclassified cases
A) classification matrix B) total correlation matrix C) pooled within-group correlation matrix D) identity matrix
Responsibility is an employee's duty to perform assigned tasks or activities
Indicate whether the statement is true or false
Which of the following statements is not true?
a. Luck happens when preparation meets opportunity. b. Entrepreneurs fare poorly in today’s hypercompetitive market. c. Failure due to lack of proper financing often is an indicator of other problems. d. It takes more than just money to be a successful entrepreneur.
A spouse stated that the average amount of money spent on Christmas gifts for immediate family members is above $1200 . The correct set of hypotheses is:
a. H0: ? = 200, H1: ?< 1200 b. H0: ? > 1200, H1: ? = 1200 c. H0: ? = 1200, H1: ? > 1200 d. H0: ? < 1200, H1: ?= 1200