1. When Steven Simkin divorced Laura Blank, they agreed to split their assets equally. They owned an account with Bernard L. Madoff Investment Securities estimated to be worth $5.4 million. Simkin kept the account and paid Blank more than $6.5 million—including $2.7 million to offset the amount of the funds that they believed were in the account. Later, they learned that the account actually contained no funds due to its manager’s fraud. Steven and Laura Selectdiddid not Item 1 have a contract.

2. The contract was related to their Selectprenuptial plansItem 2 .

3. Under the contract they agreed to split their assets Selectin proportion to their income while marriedequally regardless of marital incomeaccording to their prenuptial agreementItem 3 .

4. This contract Selecthasdoes not haveItem 4 all of the four required elements of a contract: agreement, capacity, consideration and legality.

5. When the parties learned that the Madoff account was worthless, who might want to get out of this contract? SelectLauraStevenItem 5

6. SelectLauraStevenItem 6 would want to get out of this contract because SelectLauraStevenItem 7 kept the worthless account and paid SelectLauraStevenItem 8 cash for one-half of the supposed value.

7. If a court does not enforce the contract between Steven and Laura, it is because of a lack of consentwritingItem 9 .

8. If the parties had a voluntary consent problem, it was Selecta unilateral mistakea bilateral mistakefraudulent misrepresentationundue influenceItem 10 .

9. SelectSteven wasLaura wasBoth parties wereItem 11 mistaken as to the value of the Madoff account.

10. The mistake in this situation was a mistake of SelectfactvalueItem 12 .

11. This is a mistake of SelectfactvalueItem 13 because the parties were mistaken as to Selecthow the account was being managedthe value of what was in the accountItem 14 .

12. In a mistake in value case, the parties Selectassumedon’t assumeItem 15 the risk of the value changing, so that if the value changes, the parties cannot say it was a mistake.

13. In this situation, the parties Selectwerewere notItem 16 mistaken as to the actual value of the account, but it Selectwaswas notItem 17 because they assumed the risk of the account changing value between the signing of the contract and the completion of the contract. It was because the value in the account had been 18 .

14. A court Selectwouldwould notItem 19 likely rescind this agreement due to bilateral mistake.

15. Laura Selectwouldwould notItem 20 have to return the money she received under the agreement.

16. WHAT IF THE FACTS WERE DIFFERENT?

What if the account was properly managed but the stock market had dropped from the time the agreement was made until Steven had to pay Laura the cash?

Steven Selectcouldcould notItem 21 rescind the agreement.

17. Given these revised facts, the mistake would be a mistake of SelectfactsvalueItem 22 .

Part three of three how are exchange rates determined in a flexible exchange rate system? us dollar compared to the pound inflation and deflation us dollar compared to the euro supply and demand read the statement. country a is running a trade deficit. what must country a do to reverse this trend? it must hire more workers to increase products for export. it must continue the course it is currently following. it must print more money so people will spend more. it must increase trade exports with other countries. what are consequences of a weak dollar? (select all that apply.) increase in the cost of exports unemployment in import industries increase in the cost of imports unemployment in export industries which is an example of regional cooperation to promote economic growth? neighboring countries negotiate tariffs and duties regarding trade. neighboring countries sign a pact to limit immigration into their countries. neighboring countries remain separate but work together to promote peace. neighboring countries set up quotas on resources that can be sold. why would wealthy nations have an interest in the development of poor nations? (select all that apply.) it opens up new markets for goods and services. it leads to migration between the countries. they want to improve tariff revenues with imports. they feel an ethical or moral obligation to do so. how can the world bank developing nations economically? it can work to remove serious health problems so resources can shift to economic growth. it can provide loans to developing countries to build new infrastructures. it can protect and negotiate free trade deals between neighboring nations. it can sell medical drugs and other treatments to clinics at a very low cost, saving the patients money. which is a characteristic of the takeoff stage of rostow's five stages of economic growth? the population as a whole has its basic needs met and enjoys a high standard of living focused on consumer goods. advancements in technology require a skilled labor force competent in electronics, medicine, and engineering. a country begins to grow rapidly and new industries start to emerge that drive further economic development. the labor of a country is unskilled and focuses on agricultural production, animal husbandry, and the harvesting of timber. how can a developing nation improve its economy if it lacks natural resources? it can default on loans owed to foreign banks. it can place high tariffs on all of its imports. it can engage in international trade. it can flood foreign exchange markets with its currency. how might developing countries obtain funding? (select all that apply.) they can obtain financial assistance from world bank. they can attain microloans from neighboring countries. they can gain loans from private investors. they can acquire grants from foreign countries. what reasons do protectionists cite most for restricting trade? (select all that apply.) to protect national security and prohibit us reliance on other countries to protect us taxpayers from increased income and corporate tax rates to protect us infant industries that tend to have high production costs to protect us jobs due to cheap labor in other countries