After Albert agreed orally to sell to Smith, Smith made extensive improvements to the property with the knowledge of Albert. Albert now refuses to sell because the sales agreement was oral. What will be the result?
A. Albert does not have to sell, based on the statute of frauds.
B. Albert must sell, because of the doctrine of estoppel.
C. Albert must sell, because of laches.
D. Albert's only remedy is compensatory damages.
Answer: B. Albert must sell, because of the doctrine of estoppel.
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Refer to the scenario above. Operations managers and process engineers design a line that contains seven stations. What is the percentage of idle time?
A) 21.9% B) 14.3% C) 25.6% D) 17.8%
In a hypothesis test of the difference between two population means, if the probability of Type II error is 0.25, then:
A) the probability of rejecting H0, given that H0 is false is 0.75. B) the probability of Type I error is 0.75. C) the probability of rejecting H0, given that H0 is true, is 0.75. D) the probability of accepting H1, given that H0 is true is 0.75.