some ways, contracts can be very easy to enter into. In fact, we often enter into agreements simply by our actions. For example, many businesses place small notices near their entryways warning that by entering the building you consent to video recording or by parking in a specific lot you agree that the lot owner is not liable should anything happen to your car (even if you paid to park there). Are these

some ways, contracts can be very easy to enter into. In fact, we often enter into agreements simply by our actions. For example, many businesses place small notices near their entryways warning that by entering the building you consent to video recording or by parking in a specific lot you agree that the lot owner is not liable should anything happen to your car (even if you paid to park there). Are these

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter15: Strategic Games

Section: Chapter Questions

Problem 15.5IP

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Imagine that you were (unfortunately) involved in a car accident and are now in need of a lawyer to represent your interests as you attempt to secure compensation for your injuries and material losses (your wrecked car, for instance). The lawyer that you end up hiring has a lot of other clients and has an incentive to encourage you to take the first proposed settlement (dollar amount) that comes your way, even though you would prefer to hold out for the most money possible. This is an example of a___________. a. Free-rider problem b. Prisoner's dilemma c. Social choice problem d. Coordination problem e. Principal-agent (delegation) problem
Bill has been adjudicated by the court to be mentally incompetent. Any contract that bill would enter into would be void? True or false
Define consideration. Can consideration be illegal for a binding contract? Can consideration be modified in a contract? Is that ethical?
Four neighbors, each with a vegetable garden, agree to share their produce. One will grow beans (B), one will grow lettuce (L), one will grow tomatoes (T), and one will grow zucchini (Z). Table shows what fraction of each crop each neighbor will receive. What prices should the neighbors charge for their crops if each person is to break even and the lowest-priced crop has a value of $50?
Under U.S. law, in international contracts, the parties can agree on how and where their disputes will be resolved and which law will apply, as long as the place and the law selected bear some relationship to the nature of the contract and its place of performance. True or False?
Joan is an employee of a manufacturing company. She was called to the office of her boss one day. The boss wanted to talk to her about the new technology that was going to be introduced. While her boss was talking, Joan's eyes were on the painting on the wall, she was not sitting straight and she kept her hands in her pocket. If you were the boss of Joan, would you consider her actuation as rude? If yes, why? If no, why not?
In terms of employee dismissal/firing, what does just cause require?
Why is collusion or coordination (such as cartels) not prevalent in the United States and other developed countries?
X was so in love with M. To show his true love, he insisted that M take his Toyota Fortuner worth P2Million. M was embarrassed but she is in need of a car. In order not to be entirely indebted to X, M agreed that she will pay X P10,000.00 for the car. Is the contract of sale valid? A. Yes. The gross inadequacy of the price does not render the contract invalid. B. Yes. The property is properly located and identified. C. No. X cannot sell a car for a very low price. It shows that he has no intention to really sell it. D. No. X must first obtain the permission from the Bureau of Internal Revenue if he can sell the car for a very low price.
Do you think integrative approach to negotiation is more effective that distributive approach?
What is the goal of an organizational ethics program? What are the essential elements of an organizational ethics program? Be specific! How would you implement them in your current or future organization.
Two banks are proposing to merge. If the employees of the two banks are represented by different unions how would this merger affect their costs? How would you apply bargaining in this situation?