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 &&#35;36;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 &&#35;36;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 &&#35;36;5,000.

Question

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. In 2020, every professor was offered a full insurance contract with no premium. In 2021, HU charged any employee who wanted to keep health insurance the actuarially fair premium based on 2020 expenditures. This premium would be equal to and, as a result,professors dropped their coverage in 2021. _ 2020 2021 Insured? Avg. Expenditures Insured? Avg. Expenditures Economics Professors Criminology Professors Yes Yes $25,000 $15,000 000000 $15,000; criminology $25,000; econ $20,000; econ $15,000; econ $20,000; criminology $25,000; criminology ??? $28,000 ??? $10,000

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Question

Chapter 14, Problem 4RE

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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 &#36;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 &#36;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 &#36;5,000.

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