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Selfish and Greedy were independent gasoline station operators in Frozen Town, a small isolated community...

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Finance

  1. Selfish and Greedy were independent gasoline station operators in Frozen Town, a small isolated community in the Arctic. They were the only two gas station operators in Frozen Town. During the last gas price spike, they reached an agreement not to sell gasoline below $2.50 a litre. What penalties are they subject to?

    A.

    Imprisonment not exceeding a year or a fine not exceeding $500,000, or both.
    B.

    Imprisonment not exceeding three years or a fine not exceeding $2 million, or both.
    C.

    Ten years imprisonment or a fine not exceeding $1 million, or both.
    D.

    Imprisonment not exceeding fourteen years or a fine not exceeding $25 million, or both.

  2. Where it is clear that because of a mistake, the parties have failed to reach a _______________, the contract is __________; there is no complete agreement between them.

    A.

    consideration; voidable
    B.

    consensus; voidable
    C.

    bilateral; void
    D.

    consensus; void

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