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Question
The Toy Company offers to sell Wal-Mart 10,000 dolls at a certain price. The offer, which is signed by TTC's President, is complete and certain as to all material terms. The offer also states that it will remain open for four months, but does not require any consideration in support of this promise. TTC revokes the offer 100 days after it was made. Is this revocation effective? Would your answer change if TTC revoked 80 days after the offer was made?
Answer
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Related questions
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A. Section 7 of the Clayton Act
B. The Robinson-Patman Act
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D. The Hart-Scott-Rodino Antitrust Improvement Act
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B. $10,000 fine and five years' imprisonment.
C. $20,000 fine and five years' imprisonment.
D. $10,000 fine and one year imprisonment.
Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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C. A securities broker who provides investment advice to retail investors.
D. An attorney who advises companies on corporation and business laws.