Kyle's Fabric Inc. agreed to supply 50 bolt of fabric to Fabric Stores of $50 per bolt. Shortly after the contract came into effect, the market price of this fabric rose to $75 per bolt so Kyle's Fabric Inc asked for more money. Fortunately, Fabric Stores Ltd. was agreeable to paying the new higher price. Why might Fabric Stores Ltd's promise to pay an additional $25 per bolt be unenforceable? 1) the inadequate consideration given to Kyle's Fabric Inc. for the promise to pay the price increase 2) the absence of consideration or a seal for the promise to pay the price increase 3) the inadequate consideration given to Fabric Stores Ltd. for the promise to pay the price increase O 4) the absence of consensus

Kyle's Fabric Inc. agreed to supply 50 bolt of fabric to Fabric Stores of $50 per bolt. Shortly after the contract came into effect, the market price of this fabric rose to $75 per bolt so Kyle's Fabric Inc asked for more money. Fortunately, Fabric Stores Ltd. was agreeable to paying the new higher price. Why might Fabric Stores Ltd's promise to pay an additional $25 per bolt be unenforceable? 1) the inadequate consideration given to Kyle's Fabric Inc. for the promise to pay the price increase 2) the absence of consideration or a seal for the promise to pay the price increase 3) the inadequate consideration given to Fabric Stores Ltd. for the promise to pay the price increase O 4) the absence of consensus

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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