Early one morning at New York's Kennedy airport, Professor Kevin Calandry, an economist and frequent flyer to Dallas (for consultations) is afraid he will miss his plane. As he races past a newsstand he grabs a copy of the New York Times from a stack, and waves it at a clerk. The clerk smiles, mouths the words "Late again?" and waves him on. This three-second drama illustrates
A)shoplifting.
B)an implied in fact contract, on credit.
C)a bilateral contract.
D)a quasi-contract.

Question

Early one morning at New York's Kennedy airport, Professor Kevin Calandry, an economist and frequent flyer to Dallas (for consultations) is afraid he will miss his plane. As he races past a newsstand he grabs a copy of the New York Times from a stack, and waves it at a clerk. The clerk smiles, mouths the words "Late again?" and waves him on. This three-second drama illustrates​
A)shoplifting.
B)an implied in fact contract, on credit.
C)a bilateral contract.
D)a quasi-contract.

Quizplus · Accepted Answer

The scenario describes an implied in fact contract, where the actions of the parties indicate their agreement to the transaction (Professor Calandry taking the newspaper and the clerk acknowledging it without immediate payment) without a formal agreement being explicitly stated.

Early One Morning at New York's Kennedy Airport, Professor Kevin