Karl agreed to sell his boat to Jeff on July 5 for $10,000 and Jeff paid Karl a $1,000 down payment. They arranged to meet at the marina on July 12 to transfer the boat
When they arrived at the marina on July 12 they were shocked to see the boat had been totally destroyed by a huge storm that had swept through the area on July 10. As a result
A) there is a major breach of contract and Jeff can sue for any extra costs he incurs when he buys a replacement boat
B) the contract is void due to innocent misrepresentation
C) the contract is frustrated and Karl must repay the $1,000 to Jeff
D) the contract is breached but Karl can keep the $1,000
E) the contract is void as it is unconscionable
C
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Mr. Scott owns 1,000 shares of Jackson Corporation stock. Jackson is having the election for the
board of directors. There are five directors to be elected. Mt. Scott comes to you for advice. Which of the following statements is false? A) If the voting is cumulative, Mr. Scott may cast a total of 5,000 votes for any one candidate. B) If the voting is straight rather than cumulative, Mr. Scott may cast up to 1,000 votes for any one candidate. C) Straight voting gives the best chance for a minority shareholder to elect someone to the board. D) Generally, the articles of incorporation or the bylaws determine if the voting is cumulative.
The university police department must write, on average, five tickets per day to keep department revenues at budgeted levels. Suppose the number of tickets written per day follows a Poisson distribution with a mean of 9.5. Interpret the value of the mean
A) If we sampled all days, the arithmetic average number of tickets written would be 9.5 tickets per day. B) On half of the days less than 9.5 tickets are written and on half of the days have more than 9.5 tickets are written. C) The number of tickets that is written most often is 9.5 tickets per day. D) The mean has no interpretation since 0.5 ticket can never be written.