Sol is an avid classical music fan and he attends the symphony whenever he can. He also has a large collection of instruments actually used by famous musicians. David has been the symphony’s harp player for many years and he is widely recognized as the best harpist is the world. Sol would like nothing more than to add David’s harp to his collection of instruments. On April 1st, Sol calls David and offers to buy the harp for $10,000. Sol tells David to think about the offer and get back to him if he is interested. On April 16th, Sol buys a cello, previously owned by Yo Yo Ma, for $15,000. On April 27th, David calls Sol to accept Sol’s offer. However, since Sol had spent so much money on the cello, he tells David that he can no longer buy the harp. David sues Sol for breach of contract, arguing that his acceptance of Sol’s offer created a binding agreement between them. David will win this case.

A contract never can be both executory and unilateral.

Sampson is getting ready to go on a job interview and decides he should probably have his hair cut. He does not have the time to go to a proper hair dresser so he knocks on his neighbor Delilah’s door and offers her $50 if she will cut his hair. Without saying a word, Delilah leads Sampson to a chair and proceeds to give him a hair cut. After Delilah has finished, Sampson refuses to pay her. Delilah sues Sampson for the $50. At the trial, Sampson argues, and Delilah admits, that Delilah never explicitly agreed to give him the hair cut. Based on this argument, Sampson will win this case:

Connie, a 17 year old who had recently been kicked out of her family home, entered into a lease with Daryl to lease a one bedroom apartment for six months. Daryl did not know that Connie was a minor. Two months into the lease, Connie’s family allows Connie to come back home.  Connie breaks the lease with Daryl, who initiates a lawsuit against Connie for the rent due for the second month that Connie did not pay and for the remaining rent due under the lease.  Connie claims that she does not have to pay Daryl because she was a minor at the time she entered into the lease.  Is Connie correct? Why?

Six students were asked to rate how much they like 90s grunge music on a scale of 1 (it’s the worst music ever) to 6 (best music hands down).  Then students were then asked to rate how much they enjoyed the movie, Cabin the Woods.  Fill in the information below(no spaces, round to 2 decimal places if need be).   Mx = 3.83        My = 3.83        SSx = 14.83     SSy = 10.83     SSxy = 5.83      r = 0.46       r2 = 0.21   Calculate the slope: [1] Calculate the y-intercept: [2] Complete the regression line: y = [3]x + [4] Predict the Cabin in the Woods rating for a person who gave grunge music a rating of 5. [5]

From the regression equation Ŷ = –2X + 6, what can be determined about the correlation between X and Y?

In which situation would consumers bear the highest incidence of a tax?

If the cross elasticity of demand between fly rods and reels is –0.8, a decrease in the price of rods would _____ sales of reels because the two goods are _____.

In the town of Skateville, average income falls by 20% due to a recession. As a result, sales of skateboards fall by 15%. The income elasticity of demand is _____, and skateboards are a(n) _____ good.

A negative cross elasticity of demand means that two goods are _____, while a negative income elasticity of demand means that a good is a(n) _____ good.