T or F Because it sets out general business intentions, a mission statement does not need to be concise.

Answer:

Economic Development

Explanation:

The level of market development roughly parallels the stages of Economic Development. The more developed an economy, the greater the variety of marketing functions demanded, the more sophisticated and specialized the institutions become to perform marketing functions.  

The level of market development roughly parallels the stages of economic development. Economic development refers to the process by which a country or region improves its economic, social, and political well-being.

In the pre-industrial stage, economies are primarily agrarian and subsistence-based, with limited infrastructure and market development. Trade and commerce are minimal, and the focus is on meeting basic needs through local production.

As economies transition to the industrial stage, they experience rapid urbanization and growth in manufacturing and industry. Market development becomes more advanced as businesses and trade networks expand. Infrastructure improvements, such as transportation and communication, facilitate increased trade and market interactions.

In the post-industrial stage, economies shift towards a greater emphasis on services and technology. Market development continues to progress as businesses adapt to changing consumer preferences and technological advancements. New industries, such as finance and information technology, emerge, leading to increased global trade and competition.

Finally, in the advanced economy stage, countries have a high standard of living, well-developed infrastructure, and a mature market system. These economies are characterized by a strong service sector, innovation, and technological sophistication. Market development in this stage is characterized by high levels of competition, consumer choice, and a focus on niche markets and specialization.

Overall, the level of market development is closely linked to the stages of economic development, as each stage presents unique challenges and opportunities for businesses, consumers, and policymakers.

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The statement that is true concerning standard and budgeted costs is: "Standard cost times the expected production level equals the budgeted cost."

Standard cost is the estimated cost of producing a product or service, based on historical data and other factors such as materials, labor, and overhead costs. It is used as a benchmark to evaluate actual costs and to measure performance. On the other hand, budgeted cost is the estimated cost of a project or activity over a given period, usually one year.

The expected production level is the estimated amount of units to be produced during a specific period. To determine the budgeted cost, the standard cost is multiplied by the expected production level. This calculation gives an estimate of the total cost of producing the units during the period.

The other answer choices are incorrect. Predetermined overhead rate is the estimated rate of overhead costs per unit of output, which is used to allocate indirect costs to the products produced. Total budgeted cost divided by actual units does not give the standard cost, but rather the actual cost per unit produced. Therefore, the correct answer is that standard cost times the expected production level equals the budgeted cost.

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Currently, the backing for Federal Reserve notes is primarily in the form of eligible paper.

Eligible paper refers to certain assets, such as Treasury securities, that are held by the Federal Reserve as collateral for the issuance of Federal Reserve notes. These assets are considered to be highly secure and liquid, and provide a reliable backing for the currency issued by the Federal Reserve. While the Federal Reserve was once required to hold a certain amount of gold reserves to back its notes, this requirement was abandoned in the 1930s. Today, the backing for Federal Reserve notes is primarily in the form of eligible paper, which allows the Federal Reserve to adjust its holdings to meet changing economic conditions and monetary policy goals.

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role conflict Middle managers often find themselves caught in a power squeeze due to role conflict.

Role conflict occurs when individuals face competing or conflicting expectations and demands from different sources within an organization.

Middle managers typically serve as intermediaries between top-level executives and lower-level employees. They have responsibilities to both levels of the organization and are expected to balance the goals and objectives set by senior management with the needs and concerns of the employees they supervise.

This power squeeze arises because middle managers may experience conflicting demands and pressures from different directions. They may face pressure from upper management to implement certain strategies, policies, or initiatives, while also dealing with the realities and challenges faced by employees on the ground. This can create a dilemma where middle managers are caught between meeting the expectations of top management and supporting their subordinates.

The conflict arises from the inherent power imbalance in the organizational hierarchy. Middle managers have limited decision-making authority and are often dependent on senior management for resources, guidance, and support. At the same time, they are responsible for overseeing and managing the work of lower-level employees who rely on them for leadership and support.

This power squeeze can create tension, as middle managers may feel torn between different loyalties and pressures. They may experience challenges in balancing the expectations of both senior management and employees, leading to role conflict and difficulties in navigating their position within the organization.

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Deming management proposed ideas for making organizations more responsive, more democratic, and efficient.

Deming believed in continuous improvement and the importance of data-driven decision making. He also emphasized the importance of empowering employees and involving them in the decision-making process. Deming's ideas have had a significant impact on modern management practices, and many organizations continue to adopt his principles to improve their operations and achieve better results. By embracing Deming's ideas, organizations can become more agile, responsive to changing market conditions, and better able to meet the needs of their customers. This can lead to increased productivity, higher employee morale, and greater customer satisfaction, all of which are critical for long-term success in today's competitive business environment. In summary, Deming management proposed ideas for making organizations more responsive, more democratic, and efficient, and these ideas continue to shape modern management practices today.

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Intangible resource stocks are acquired a. through investments over time in intangible resources. These resources can include things like brand reputation, patents, trademarks, and proprietary technology. While tangible resources such as buildings and equipment can also be important for a business, intangible resources often provide a competitive advantage that can be difficult for competitors to replicate.

Investing in intangible resources typically involves a long-term strategy that focuses on building up these assets over time. This can include things like developing new technologies, building up brand reputation through marketing efforts, or acquiring patents through mergers and acquisitions.

By building up intangible resources, businesses can create a more stable foundation for future growth and success. These resources can help to protect against competition, and can also provide a valuable source of revenue through licensing and other means. As such, it is important for businesses to focus on building up their intangible resource stocks over time in order to maximize their long-term potential.

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Intangible resource stocks are acquired through financial returns on assets. Investors can acquire intangible resource stocks by purchasing shares in publicly traded companies that possess valuable intangible assets.

Acquiring intangible resource stocks refers to obtaining assets like patents, copyrights, or trademarks. It can involve purchasing or licensing intellectual property, enabling businesses to gain competitive advantages and generate revenue from these intangible assets.

Intangible resource stocks are not acquired through investments over time in intangible resources. Instead, intangible resource stocks are acquired through financial returns on assets. When a company sells stock, it is essentially selling a share of the company's intangible assets, such as patents, trademarks, and brand recognition. Investors can acquire intangible resource stocks by purchasing shares in publicly traded companies that possess valuable intangible assets.

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A good system of internal control is designed to achieve each of the following, except attainment of target sales.

A system of internal control is put in place to ensure that a company's operations are efficient, its financial reporting is reliable, and it is compliant with relevant laws and regulations. It helps to safeguard company assets, prevent fraud, and promote accountability and transparency in business practices. While internal controls may help a company to achieve its sales targets indirectly by improving the efficiency and effectiveness of operations, their primary purpose is not to directly influence sales. Instead, they are focused on promoting the integrity of financial reporting, ensuring compliance with legal and regulatory requirements, and minimizing risk in business operations.

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True. In the workplace, people want to feel valued and respected. If colleagues feel like their opinions and contributions are not appreciated, they may be less likely to listen to your ideas or follow your lead.

Showing appreciation and respect can build trust and strengthen relationships, which can help when trying to persuade colleagues. Additionally, when people feel appreciated, they may be more open to considering different perspectives and ideas. Therefore, expressing appreciation and showing respect can be an effective way to increase your ability to persuade colleagues and gain their support.

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An effective tip to gain empowerment in your life and work is to ask for credit for yourself when it is due. It is important to acknowledge your own accomplishments and contributions to the team or organization.

This not only boosts your confidence and self-esteem, but also shows others that you are a valuable member of the team. However, it is equally important to give credit to others and recognize their achievements as well. This builds a culture of collaboration and mutual respect. Sympathizing with others is also important, but it should not be at the expense of your own empowerment. It is possible to empathize with others while still advocating for yourself and your own needs. Keeping secrets is not a productive way to gain empowerment and can actually hinder trust and communication within a team or organization.

Lastly, working hard to meet the needs of those in authority can be beneficial, but it should not be at the expense of your own well-being and empowerment. It is important to find a balance between meeting the needs of others and advocating for yourself. Overall, asking for credit for yourself when it is due is a crucial step in gaining empowerment in both your personal and professional life.

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Distribution Requirements Planning (DRP) system is a tool used by companies to manage their inventory and supply chain operations.

In a DRP system, the forecasts are typically based on historical data from upstream supply partners. This data includes information about the demand patterns, lead times, and other key factors that influence the availability of raw materials, components, and finished goods.

The historical data from upstream supply partners provides valuable insights into the likely demand for products and the resources needed to meet that demand. By analyzing this data, companies can make informed decisions about when to order materials, how much to order, and how to allocate resources to meet customer demand.

While downstream supply partners' requirements can also play a role in forecasting, they are typically less influential than upstream data. This is because upstream partners are responsible for providing the raw materials and components that are needed to produce the finished goods, while downstream partners are focused on distributing those goods to end customers.

In summary, forecasts in a company using a DRP system are typically based on historical data from upstream supply partners, as this data provides the most accurate and reliable information about demand patterns and resource requirements.

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The entire Corn Flakes product line at Kellogg can be classified as a revenue center. Hence, option D. revenue center.

This is because a revenue center is a business unit that generates sales revenue by selling goods or services to customers. In this case, the Corn Flakes product line is a core product line of Kellogg that is designed to generate revenue for the company by selling cereal to consumers. A product line is a group of related products that are sold under a single brand or company name. In the case of Kellogg, the Corn Flakes product line includes various versions of the cereal, such as low-fat, gluten-free, and organic options. These products are all part of the same product line, but they offer different variations to meet the needs and preferences of different consumers. In summary, the Corn Flakes product line at Kellogg is a revenue center because it is designed to generate sales revenue for the company. It is also a product line because it includes a variety of related products that are sold under the same brand name.

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The Consumer Price Index (CPI) is a widely used economic indicator that measures the average change in prices paid by consumers for a fixed basket of goods and services over time. However, the CPI has certain limitations and biases, which may affect the calculation of inflation rates and subsequently impact government outlays.

Firstly, the substitution bias occurs when consumers alter their consumption patterns due to changes in relative prices. As the CPI is based on a fixed basket of goods and services, it may not accurately capture these behavioral shifts, leading to an overestimation of the inflation rate.
Secondly, the quality change bias arises when improvements in the quality of goods and services are not properly accounted for in the CPI. Consumers may be willing to pay more for higher quality, but this increase in price could be mistakenly attributed to inflation.
Lastly, the new product bias refers to the lag in introducing new goods and services into the CPI's fixed basket. As new products tend to experience price reductions over time, the absence of these products in the CPI can result in an overestimation of the inflation rate.
These biases in the CPI can affect government outlays in several ways. For example, if the inflation rate is overestimated, it can lead to an increase in social security payments and other inflation-indexed benefits, putting pressure on the government's budget. Additionally, the distorted inflation rate may impact the real value of tax brackets and deductions, causing unintended shifts in the distribution of tax burdens among different income groups.
In conclusion, the biases in the CPI can lead to a misrepresentation of the inflation rate, which can have significant implications for government outlays. It is important for policymakers to be aware of these limitations and consider alternative measures of inflation to make more informed decisions.

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The correct term for the shipment of products directly to customers is a warehouse fulfillment. Option C

A warehouse fulfillment is a large warehouse that is used by companies to store and ship their products to customers. It is the central hub for processing customer orders, picking and packing products, and shipping them out to their final destination.
warehouse fulfillment play a crucial role in the supply chain and logistics of e-commerce businesses. They allow companies to efficiently manage their inventory, streamline order processing, and provide fast and reliable shipping to customers. By using a fulfillment center, businesses can focus on their core competencies, such as product development and marketing, while leaving the logistics and fulfillment to the experts.

In summary, a warehouse fulfillment is a critical component of the modern e-commerce ecosystem. It enables companies to provide fast and reliable shipping to customers, which is essential in today's competitive marketplace. By leveraging the capabilities of a fulfillment center, businesses can increase their efficiency, improve their customer satisfaction, and ultimately, grow their bottom line. Option C

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A low-cost leader's basis for competitive advantage lies in their ability to offer lower overall costs than their competitors. This is achieved through cost-cutting measures such as efficient production processes, economies of scale, and minimizing overhead expenses.

By operating with lower costs, a company can offer lower prices than its rivals, making it a more attractive option for price-sensitive customers. This, in turn, allows them to gain a larger market share, which further reinforces their cost leadership position. Additionally, high buyer-switching costs can serve as a barrier to entry for competitors, making it difficult for them to win over customers from the low-cost leader.

While higher unit sales than rivals may be a result of the low-cost approach, it is not the basis for competitive advantage. Ultimately, a low-cost leader's success is dependent on their ability to maintain their cost leadership position, continually finding ways to reduce costs and pass the savings onto customers.

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The pricing strategy that Colgate should use to maximize its profit and be incentive compatible between consumer types depends on the valuation of each product by each consumer type.

Based on the table provided, College Students value mouthwash the most ($2.00), followed by toothpaste ($1.00), and dental floss ($0.50). Middle-Aged Professionals value dental floss the most ($2.00), followed by mouthwash ($1.25), and toothpaste ($0.75). Retired People value toothpaste the most ($2.00), followed by dental floss ($1.50), and mouthwash ($0.25).

If Colgate charges a single price for the bundle of products, it will not be incentive compatible between consumer types as some may be willing to pay more for a specific product while others may not. Therefore, options 2 and 4 can be ruled out.

Charging $1.50 for each product would not take into account the varying valuations of each product by each consumer type. For example, College Students would be overcharged for toothpaste and undercharged for mouthwash. Therefore, option 1 can be ruled out.

The best pricing strategy for Colgate would be to charge $2 for dental floss, $2 for mouthwash, and $0.75 for toothpaste. This pricing strategy takes into account the valuations of each product by each consumer type and is incentive compatible between them. Therefore, the correct answer is option 3.

Step 1: Identify the highest valuation for each product among the consumer types:

- Dental Floss: $2.00 (Middle-Aged Professionals)

- Mouthwash: $2.00 (College Students)

- Toothpaste: $2.00 (Retired People)

Step 2: Sum the highest valuations to find the total value of the bundle:

- $2.00 (Dental Floss) + $2.00 (Mouthwash) + $2.00 (Toothpaste) = $6.00

Step 3: Calculate the price to maximize profit while maintaining incentive compatibility:

- Since there are 100 consumers of each type, charging a single price below each consumer type's highest valuation will ensure that all consumers will buy the bundle.

- $6.00 (total value) - $2.25 (the sum of the lowest valuation for each product) = $3.75

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The Noise Control Act of 1972 was a federal law that established noise emission standards to regulate and control excessive noise pollution.

The primary objective of the law was to protect public health and welfare by reducing noise levels that may be harmful to human health and the environment. The law was applicable to various sources of noise pollution, including transportation, industrial, and construction activities. Among the various sources of noise pollution, the Noise Control Act of 1972 established noise emission standards for airports, aircraft, intracity cab services, and interstate motor carriers. These sources were required to comply with the noise emission standards to control the noise levels emitted during their operations. However, the Noise Control Act of 1972 did not establish noise emission standards for railroads. This is because the regulation of railroad noise fell under the jurisdiction of the Federal Railroad Administration, which was responsible for establishing its own noise emission standards. Therefore, the correct answer to the question is option D - Railroads.

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The best public relations activity for sharing insights, humor, and knowledge with the public over social media is blogging.

Blogging is a great way to share your insights, knowledge, and expertise with a wide audience. It allows you to express your thoughts and opinions in a more informal and conversational style than traditional media. Additionally, blogging provides a platform for you to share your humor and wit with your readers.

Blogging can also help you establish yourself as an authority in your field. By regularly publishing high-quality content that is informative, engaging, and entertaining, you can build a following of readers who trust and respect your opinions. This can help you establish yourself as a thought leader in your industry and open up new opportunities for collaboration and partnerships.

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The correct answer is D. The argument against both import controls and export incentives is that they are self-defeating and result in wasted resources. This is because these measures can distort market prices and encourage firms to produce goods that are not competitive or sustainable in the long-term.

In contrast, unrestricted free trade encourages firms to focus on their core competencies and compete on a level playing field, which can ultimately lead to greater innovation, productivity, and growth. However, this approach also presents a challenge for firms that may face intense competition from foreign rivals and need to continuously adapt to changing market conditions in order to remain competitive.
The argument for unrestricted free trade is that both import controls and export incentives: D. are self-defeating and result in wasted resources. This is because such restrictions can limit firms' abilities to adapt and compete, making it more challenging for them to achieve a competitive advantage in the global market.

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One of the three contrasting approaches to delivering on-site service is the professional approach. This approach emphasizes the expertise and skills of the service provider in delivering high-quality services to customers.

Service providers who adopt this approach often have extensive training, certifications, and experience in their respective fields.In contrast to the professional approach, the production-line approach focuses on delivering services efficiently and quickly, often at the expense of customization and personalization. This approach is often used in industries such as fast food, where the goal is to serve as many customers as possible in a short amount of time.The third contrasting approach to delivering on-site service is the quality approach. This approach emphasizes the importance of delivering services that meet or exceed customer expectations. Service providers who adopt this approach often focus on continuous improvement, gathering customer feedback, and implementing changes based on that feedback.In summary, the three contrasting approaches to delivering on-site service are the professional approach, the production-line approach, and the quality approach. Each approach has its own strengths and weaknesses, and service providers must carefully consider which approach best fits their business model and the needs of their customers.

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If an error requires a correcting entry, the source document describing the correction to be made depends on the type of correcting entry.

It could be a memorandum, a journal entry, or any other document that explains the error and the necessary correction. The choice of the source document will depend on the nature of the error and the accounting system in use. However, if the error is more complex and involves multiple accounts or transactions, a memorandum may be necessary to provide a more detailed explanation of the correction. Ultimately, the goal of the source document is to provide a clear and complete record of the correction for future reference and auditing purposes. It should be kept on file as part of the accounting records to ensure that the correction is properly documented and can be easily traced if necessary.

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The mortgage will be paid off in approximately 20 years and 4 months.

Using your holiday bonus to make an extra payment on January 1 of each year can significantly reduce the time it takes to repay your mortgage.

Assuming a 30-year mortgage with an APR of 12%, compounded monthly, and making an extra payment at the end of the first year, you can finish repaying your mortgage in just over 20 years instead of 30 years.

To calculate the exact year in which you will finish repaying your mortgage, you can use an online mortgage calculator or a financial calculator. With an original loan amount, loan term, and APR, you can calculate the monthly payment and the total amount of interest you will pay over the life of the loan.

By making an extra payment at the end of the first year and then continuing to make extra payments on January 1 of each year, you can significantly reduce the amount of interest you pay over the life of the loan and shorten the time it takes to repay the mortgage.

Assuming that you make an extra payment on January 1 of each year, the exact year in which you will finish repaying your mortgage will depend on factors such as the exact amount of the extra payment and the interest rate on your mortgage.

However, in general, making extra payments can significantly reduce the time it takes to repay your mortgage and save you thousands of dollars in interest payments over the life of the loan.

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The correct answer is D. Brokerage firm.

A brokerage firm is a nonbanking institution that buys and sells stocks and other securities for customers.

Brokerage firms serve as intermediaries between investors and the securities markets, providing investors with access to stocks, bonds, mutual funds, and other financial instruments. They also provide research and analysis to help investors make informed decisions about which investments to buy or sell. Insurance companies are institutions that provide insurance policies to individuals or businesses to protect against financial losses. Pension funds are institutions that manage retirement savings for individuals or companies. Money market funds are mutual funds that invest in short-term, low-risk securities. While these institutions may invest in securities, they do not primarily buy and sell securities for customers like brokerage firms do.

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The goals and benefits of a good Customer Relationship Management (CRM) program include all of the following EXCEPT:C. Lower inventory levels.


A good CRM program focuses on:A. Automation of repetitive tasks: CRM systems automate tasks like data entry, tracking customer interactions, and managing sales pipelines, which saves time and effort for the company.
B. Growth of the customer base through referrals: CRM programs facilitate effective communication and improve customer satisfaction, leading to positive word-of-mouth and increased referrals from existing customers.
D. Increasing sales effectiveness: CRM systems provide insights into customer preferences and behaviors, enabling sales teams to target their efforts more effectively and close deals more efficiently.
However, lower inventory levels (C) are not a direct goal or benefit of a CRM program. Inventory management is a separate aspect of business operations and may require a dedicated inventory management system to achieve this goal.

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The term that best describes the business component that Warby Parker designs its own eyeglass frames is vertical integration.

This refers to a strategy where a company owns and manages different stages of the supply chain, from manufacturing to distribution. In the case of Warby Parker, designing and manufacturing their own frames allows them to have greater control over the quality and design of their products, as well as to minimize costs and improve efficiency.

This vertical integration also gives them a competitive advantage over other eyewear retailers who may rely on third-party suppliers for their frames. By owning and managing their own production, Warby Parker can respond more quickly to changes in customer preferences and market trends, as well as offer more customization options to their customers.

In summary, the vertical integration of designing and manufacturing their own frames is a key component of Warby Parker's business strategy, enabling them to create unique and high-quality eyewear products that set them apart from competitors.

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The curve that shows how much GDP is demanded at various price levels is called aggregate demand. This curve represents the total demand for goods and services in an economy at a given price level.

It is derived from the consumption, investment, government spending, and net export components of GDP. The aggregate demand curve slopes downward, indicating that as the price level increases, the quantity of goods and services demanded decreases, while as the price level decreases, the quantity of goods and services demanded increases. The aggregate demand curve is a fundamental concept in macroeconomics, as it helps policymakers understand the relationship between price levels and economic growth. Understanding this relationship is crucial for policymakers to make decisions on monetary and fiscal policies that can stabilize the economy. In conclusion, the aggregate demand curve is an important tool in macroeconomic analysis that shows how much GDP is demanded at different price levels.

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The extent to which consumers receive happiness or benefit from a purchase is called Consumer satisfaction. It refers to the overall evaluation or perception of a consumer towards a product or service after making a purchase.

Consumer satisfaction is an essential aspect of marketing, and it plays a significant role in determining the success or failure of a business. Consumer satisfaction is influenced by various factors, such as product quality, price, brand image, customer service, and overall shopping experience. When a consumer is satisfied with a product or service, they are more likely to make repeat purchases and recommend the brand to others. On the other hand, if a consumer is dissatisfied, they may return the product, complain to customer service, or even write negative reviews. Therefore, it is crucial for businesses to prioritize consumer satisfaction and strive to provide the best possible experience for their customers. This involves understanding their needs and preferences, addressing their concerns promptly, and continuously improving their products and services. By doing so, businesses can build strong relationships with their customers and increase their chances of success in the competitive market.

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To break even on this investment, Martin's total earnings must be equal to the total cost of borrowing the money from the bank, which is $4000.

Martin's total earnings from the investment will be the amount he receives after one year, which is $4240, minus the amount he borrowed from the bank, which is $4000. So his earnings will be $240.

Let's assume that the bank charges an annual interest rate of "r" on the loan. After one year, Martin will have to pay back the amount he borrowed, plus the interest, which will be $4000(1+r).

Therefore, Martin's earnings from the investment must be equal to the amount he has to pay back to the bank, which is $4000(1+r).

We can set up the equation as follows:

$240 = $4000(1+r)

Simplifying the equation, we get:

1+r = $240/$4000

1+r = 0.06

r = 0.06 - 1

r = 0.06 or 6%

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False. The credit crisis did not only cause major problems in the mortgage market but it also had a significant impact on the stock market. The crisis started with the subprime mortgage market, where lenders were offering mortgages to individuals with poor credit histories.

These loans were packaged into mortgage-backed securities and sold to investors, including banks and other financial institutions. When the borrowers started defaulting on their loans, the value of these securities plummeted, causing huge losses for investors.
The banks and other financial institutions that held these securities were also heavily invested in the stock market. As the crisis intensified, they had to sell off their stock holdings to raise capital, leading to a decline in stock prices. Moreover, the uncertainty surrounding the crisis led to a general loss of confidence in the financial markets, causing investors to sell off their stocks and other investments.
The crisis also had a ripple effect on other industries, leading to a recession that affected the global economy. As businesses struggled to survive, they had to lay off workers, leading to high levels of unemployment and reduced consumer spending. This, in turn, further affected the stock market and other financial markets.

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Information used to assess external equity is mostly collected through pay surveys. Pay surveys are conducted by organizations to gather information about compensation.

This information is then used to benchmark their own compensation practices and ensure that they are competitive with the market. The information collected in pay surveys includes salary ra.nges, bonuses, benefits, and other forms of compensation.

The data collected from pay surveys is analyzed to determine the external equity of an organization's compensation practices. External equity refers to the perception of fairness of an organization's compensation practices in comparison to the practices of other organizations in the same market. It is important for organizations to maintain external equity to attract and retain top talent.

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Eve likely cannot sue and force Jeanne to accept the $2,000 for the clubs.

In this case, Jeanne's ad on the bulletin board is generally considered an invitation to treat rather than a legally binding offer.

When Eve called and presented the money, she made an offer to purchase the clubs, which Jeanne had the right to accept or reject. Jeanne chose to reject Eve's offer and instead counter-offered with a higher price.

Since no agreement was reached between the parties, there is no enforceable contract, and thus, Eve cannot sue to compel Jeanne to accept the $2,000.

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