____________ is a philosophical theory that says ethical values can be determined by a
proper application of human reason.
B. Rational ethics
C. Social contract theory
D. Ethical relativism
Joshua, a merchant, promises in a signed writing to Pedro, a consumer, to hold an offer
to sell goods open for five months without Pedro giving consideration in exchange.
However, Joshua sells the goods to another consumer and Pedro sues him for breach of
contract. Which of the following is true of this case?
A. Joshua is not bound by the contract, since firm offers cannot exceed three months.
B. Since Joshua is a merchant and is bound by a firm offer made to Pedro, he has
C. The UCC will not enforce this contract as a firm offer as both parties are not
D. Joshua is bound by this offer only if a five month offer is customary for this type of
____________ elect the ____________, who take whatever actions are appropriate and
in the best interests of the corporation.
A. Shareholders; officers
B. Officers; board of directors
C. Stakeholders; board of directors
D. Shareholders; board of directors