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On May 1, a seller and a buyer entered into a written contract, signed by both parties, for the sale of a tract of land for $100,000. Delivery of the deed and payment of the purchase price were scheduled for July 1. On June 1, the buyer received a letter from the seller repudiating the contract. On June 5, the buyer bought a second tract of land at a higher price as a substitute for the first tract. On June 10, the seller communicated a retraction of the repudiation to the buyer. The buyer did not tender the purchase price for the first tract on July 1, but subsequently sued the seller for breach of contract. Will the buyer likely prevail?

In early January, a famous fast food restaurant chain entered into a contract with a consulting firm specializing in labor-intensive industries. This writing was signed by both parties, and provided that if at least 2,000 work-hours per restaurant are eliminated, the restaurant chain will pay to the consultants within 90 days of installation of new food production systems at the local restaurants a first installment of $1 million. It went on to provide that upon installation of new food processing systems nationwide, the restaurant chain will pay to the consultants a second and final installment of $1.5 million, that nationwide installation must be completed by January 15 of the following year, and that any amendments to the agreement must be in writing and signed by both parties. The consultants immediately began work on the restructuring of their client’s food processing methods. On September 5, the consultants had designed a radical change in the food production system that could be implemented by October 1, and they demanded payment of the first installment payment of $1 million. Were the consultants entitled to payment of the first installment when they completed design work on the new system on September 5?

A salvage company offered for sale Confederate dollars that had been recovered when the company recently raised a shipwreck off the coast of South Carolina. A purchasing agent for a private west coast museum purchased the bills, but he had represented that he was buying them for himself in hopes of obtaining a lower price. After purchasing the bills, the agent carefully packaged them and had them shipped to his museum. While the bills were in transit, the museum burned to the ground and its owner decided that she would not rebuild because most of her collections had been destroyed. When the bills arrived after the fire, the owner opened the package only to discover that the bills were too brittle for shipping by this method—three bills had disintegrated in transit. Undaunted, the owner took the remaining nine bills and had them mounted behind a glass frame so she could display them in her study. While the bills were being framed, the owner read on the Internet that a large cache of similar bills had just been discovered, and the market price for such bills had just been cut in half. Frustrated but still undaunted, the owner hung the framed bills in her study. Unfortunately, the salt water had reacted with the pigments in the bills in such a way that shortly after they had been exposed to indirect sunlight, all of the color in the bills faded almost completely away. No other Confederate bills raised from the ocean before had similar reactions; these bills appear to have been printed using substandard dyes. Which of the following facts would give the museum owner the best basis for rescinding the contract with the salvage company?

Madeline and Alexander entered into a contract for Alexander to tutor Madeline’s son, Luke, in French during the school year to ensure that Luke receives a high grade in his language course. The day before classes began, Luke switched his schedule to take German instead of French.  Is the contract discharged?

The following table shows the total dollar amount of sales in 2012 for the four largest firms in the adhesive manufacturing industry. Total industry sales in 2012 were $782,000. Use this table to answer the following questions:Firm NameSales in 2012Glues R Us$362,000Glue Down  105,000Sticky    85,000All Glues    76,000All other firms in industry combined  154,000 If Glues R Us split into two separate companies, the concentration ratio would ________ and the market price of adhesive would likely ________.

Amy just applied for a position with Rory’s firm. Rory knows that Amy will earn $20 an hour and can produce a value of the marginal product of labor (VMPL) of $40. Rory will _(hire/not hire/maybe hire)__ Amy because her VMPL is _(positive/negative)_.

Externalities exist because

Stephanie sold a rare type of fish and Thomas owned a seafood restaurant. On November 15, 2021 Stephanie and Thomas formed a contract for Stephanie to deliver ten pounds of the rare fish on January 2, 2022, and Thomas would pay her $150 on January 2, 2022. On December 1, 2021, Congress passed a law that it is illegal to buy, sell, or serve to customers the rare fish to try to increase the population of the rare fish. The law went into effect on December 2, 2021. Are either Stephanie or Thomas liable for the contract?

Refer to the accompanying figure to answer the following questions. When a competitive market comes under the control of a monopoly, the quantity changes from

Which of the following describes the marginal product of labor?