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248f03x2 - ALLEGHENY COLLEGE DEPARTMENT OF ECONOMICS...

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ALLEGHENY COLLEGE DEPARTMENT OF ECONOMICS ECONOMICS 248 MIDTERM 2 FALL 2003 NAME: _______________________ You may take this exam in any open classroom on the second floor of Quigley Hall. You may not leave the second floor of Quigley Hall with the exam. If you do so, you will automatically fail the exam. 1. (6) Give a brief definition of consideration along with a specific example. 2. (3) In the case of· Jones v. Star Credit Corp , the best legal (and most relevant) argument that the plaintiff could present is one of: a. Coercion. b. Transactional incapacity. c. Impossibility. d. Unilateral Mistake. e. Mutual Mistake. 3. (3) Bob has been on the market for rare “alternative medicine” books for quite a while. After expending considerable time and money in finding such a book, he has agreed to purchase a unique volume on aromatherapy from Dan for $10,000. After agreeing to the contract, Dan decides to renege and not deliver the volume to Bob. He offers to give Bob his money back and call it a day. As a consultant on this case interested in economic efficiency, you would recommend that: a. Bob be given the volume. b. Dan retain the volume and give Bob his money back. Bob can then purchase another book. c. Dan retain the volume and give Bob his money back plus perfect expectation damages. d. The Coase Theorem be called into action and that the book be given to either party, since the courts cannot ever improve on social welfare. 1
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4. (12) Suppose that George is a plastic surgeon and Colin is his patient. George promises Colin that he can improve his facial features on a number of fronts, including a nicer nose, fewer wrinkles, and a better smile. After the operation, Colin looks like Phyllis Diller, and he sues
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