Jackson owns a large apple orchard. Jackson sells buyers a standard plot of land on the orchard for a uniform price. The buyers then lease the land back to Jackson, who completely manages the apple orchards on the buyers' behalf. Buyers share in the profits of the apples when sold. This arrangement:

a. is not an investment contract because it does not deal with stocks or bonds.
b. is an investment contract because it involves agricultural products.
c. is an investment contract because it satisfies the Howey test.
d. is not an investment contract because it does not satisfy the Howey test

Ans: c. is an investment contract because it satisfies the Howey test.