Joe sends for a mba catalog from state university. according to the catalog, the mba applications are evaluated on the basis of undergraduate grades, gmat (the appropriate standardized test) scores, and references. joe has a 3.1 gpa, scores very well on the gmat, and has excellent references. based on the criteria listed in the catalog, joe applies and pays the $100 application fee. his application is rejected. later he finds out that others with low grades and test scores were accepted based on their family connections with the university. if joe followed all of the guidelines in the college catalog and paid the required application fee, then according to the court in steinberg v. chicago medical school:
a. there is a voidable contractb. there is a quasi contract. c. there is a valid contract. d. there is not a contract.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.