Sam Student had borrowed $1,000 from his cousin. Sam and the cousin became involved in a heated disagreement when the cousin began to press Sam for repayment of the loan. Finally, Sam wrote a check for $190 to the cousin and conspicuously wrote on the
check in big letters that it was full and final payment of the $1,000 loan. In need of money, the cousin cashed the check and demanded the remaining $810 from Sam. Sam refused to pay, claiming that they had entered into an accord and satisfaction that discharged Sam's obligation to pay anything more. The cousin sued Sam. Discuss the probable outcome.
The cousin will clearly win the lawsuit. For an accord and satisfaction to apply, there must be a good faith dispute between the parties and an agreement to settle the dispute. In this case, there is no good faith dispute that Sam owes his cousin the remaining $810.?
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In the context of the specific environment of an organization, which of the following is a difference between opportunistic behavior and relationship behavior?
A. Opportunistic behavior is observed when both buyers and sellers show least reliability on the other, whereas relationship behavior is observed when both buyers and sellers believe in creating short-term client relationships. B. A low degree of buyer or seller dependence can lead to opportunistic behavior, whereas a high degree of buyer or seller dependence can lead to relationship behavior. C. In opportunistic behavior, either the buyer or the seller benefits at the expense of the other, whereas in relationship behavior, both the buyer and the seller mutually benefit. D. Opportunistic behavior leads to compromises that both the supplier and the buyer agree upon, whereas relationship behavior leads to development of new business relationships when existing ones fail to work.
Al willed his property to his three children (Barry, Chris, and Dara) as joint tenants. Barry then died, leaving behind a will stating that his share of the property would pass to his daughter Mary. Dara then sold her portion of the property to her friend Vera. At this point, how is the property owned?
A. Mary and Chris own it as joint tenants B. Vera and Chris own it as tenants in common C. Mary, Vera, and Chris own it as tenants in common D. Mary and Chris own their shares as joint tenants, while Vera owns her share as a tenant in common