The Legal Environment of Business: Text and Cases (MindTap Course List)
The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 14, Problem 4RE
Summary Introduction

Case summary: A person GH owns and operates OGE, an audit entertainment establishment. The person GH signed a work order authorizing the company TCG to create a prototype of a customer chat system at a price of $64,697. Further, he signed an additional work order related to the installation of a customized firewall system with the same company at a price of $12,943. The payment of the money was to be done in monthly installments. Due to some problems, the work was not completed within the time anticipated. Also, the person GH was not able to make timely payments. The company TCG threatened the person GH to cease the work and filed a case regarding breach of contract. The person GH, instead of making further payments, wished to abandon the project.

To find: The enforceability of the oral agreement, assuming that the person GH and the company TCG reach to an oral agreement in which it is decided that the company TCG will continue the work and the person GH will pay $5,000.

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Consider the table below, which has data on insurance status and medical expenditures for different types of professors at Hypothetical University (HU), economics & criminology professors. Assume that there are an equal number of economics and criminology professors. Assume further that econ professors all have the same level of health and criminology professors all have the same level of health. There is evidence of 2021 Insured? Avg. Expenditures Insured? Avg. Expenditures 2020 Economics Professors Criminology Professors Yes. Yes $25,000 $15,000 0000 ??? ??? $28,000 $10,000 I. moral hazard because in 2021 criminology professors dropped their coverage and health expenditures went down. II. adverse selection because in response to rising premiums after 2020, the professors with lower health expenditure dropped coverage Both I and II neither I nor II
0000 Health Suppose that you graph nations' health expenditures against income and see that the US's point lies below others (like in the stylized figure below). From the graph below, it appears that the US is However, this may not be the case if_ Switzerland UK US HPF Health expenditures productively inefficient; The US has a population that prefers spending their resources on health productively efficient; The US has a population that prefers spending their resources on health productively efficient; The US has lower levels of inherent health, therefore it has its own HPF which is lower than the others. productively inefficient; The US has lower levels of inherent health, therefore it has its own HPF which is lower than the others.
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