Mark owns a bar. The bar has a back room where Mark has some slot machines. Mark lets some of his patrons play the machines, and Mark keeps any profits
This type of gambling is illegal where Mark lives. Mark wanted to purchase insurance in case his slot machines were confiscated by the police. Such an insurance contract would not be enforceable. Which requirement needed to form a valid insurance contract is missing?
A) consideration
B) offer and acceptance
C) legal purpose
D) competent parties
Answer: C
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The costs incurred by merchants in having to change product prices (such as the costs of reentering prices into computer systems) are referred to as which of the following?
A) subscription costs B) fixed costs C) menu costs D) variable costs
A firm has projected sales in May, June, and July of $100, $200, and $300, respectively. The firm makes 20 percent of sales for cash and collects the balance one month following the sale. The firm's total cash receipts in July is ________.
A) $220 B) $200 C) $180 D) $140
In the context of quality improvement methods, ________ can be best described as a practice that considers any costs other than a cost that adds value for the customer to be wasteful and, hence, something to be eliminated.
A. the zero-defects approach B. lean process improvement C. Six Sigma D. total quality management
In a(n) _____, if any link between nodes is severed, the entire network is affected, and failure of a single node disrupts the entire network
A) star topology B) ring topology C) octagonal topology D) mesh topology