Need help in Economics

Apr 26th, 2015
Business Finance
Price: $15 USD

Question description

Scenario #1

Ron came home from work one day to discover that his puppy Mr. Sniffers, a police canine in training, was missing. Distraught over the situation, Ron posted signs all over the neighborhood seeking the safe return of his puppy for a $100 reward. Melissa was walking to the park with her two daughters when she noticed a puppy trying to cross a busy street. Upon closer inspection, she realized it was the missing puppy from the posters. She called out his name and he happily walked up to her and jumped into her arms. She carried the puppy to the address on the posters and rang the doorbell. Ron swung open the door and was elated to see Mr. Sniffers. Once Ron had Mr. Sniffers in the house, he paid Melissa the reward money.

Question: Was this a bilateral or unilateral contract? Explain.

Scenario #2

Sarah just bought a new house, but it needed some repairs. She received an advertisement in her mailbox about a local painting service. Realizing that the house could use a fresh coat of paint, she called the painting service for an estimate. Kym, a painter for the company, came over a few days later and looked at the house. Kym told Sarah that it would cost approximately $300 to paint the house. Sarah thought that this quote was a bit high and offered $200 for the job. Kym agreed to the $200 and the two ladies shook hands.

Question: Was this a bilateral or unilateral contract? Explain. Who was the offeror and the offeree in this scenario? Why?

Scenario #3

Same facts as scenario 2. Now that the two parties have come to an agreement, they want to form a written contract.

Question: Would the parties look to the common-law or the UCC when formalizing their contract? Explain.

Tutor Answer

(Top Tutor) henryprofessor
School: Boston College

Studypool has helped 1,244,100 students

Review from student
" Awesome! Exactly what I wanted. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors