Please provide an answer for the following business law question: Thank you very much!

Phung orally agreed to sell a thoroughbred horse to Presti for $60,000. When Presti sent a check in payment, Phung told him that he intended to hold the check for a month for tax purposes. Phung retained possession of the horse. While the check remained uncashed, a disagreement arose between Phung and Presti. Phung announced that he would not go through with the transaction and that, because the contract was oral, it was unenforceable. Presti claimed that his sending the check was payment and this action made the oral contract valid and enforceable. Phung denied accepting payment. Is Presti's claim that that sending the check made the contract enforceable, valid?

II. Issue - What is the question of law?

III. Holding - What is your decision?

V. Reasoning - What principles of law did you base your decision on?

3. Suppose the demand and supply equations are as follows: QD = 350 - 1/2 Px Qs, = 3Px a. Compute the equilibrium price and quantity and draw the demand and supply curves. b. Compute consumer surplus (CS) and producer surplus (PS) at equilibrium. c. Explain what the values of CS and PS represent.2 x 2 matrices over R, considered as a group with respect to multi- plication. In (a)-(e) below, determine whether the given subset is a subgroup of GL(2, IR). (a) The subset consisting of matrices with determinant 1. (b) The subset consisting of matrices of the form (ba ) for a re number a. (c) The subset consisting of (non-singular) triangular matrices. (d) The subset consisting of those (non-singular) matrices where matrix entries are integers. (e) The subset consisting of those (non-singular ) matrices wheA Moving to another question will save this response. Question 3 The term differential cost refers to: A cost which continues to be incurred even though there is no activity. A cost which does not involve any dollar outlay but which is relevant to the decision-making process. A difference in cost which results from selecting one alternative instead of another. The benefit forgone by selecting one alternative instead of another. 1 Moving to another question will save this response.Demand for a new product will decline as competitors enter the market. If interest is 10%, what is an equivalent uniform value? Year Revenue 1 $24,000 2 18,000 3 12,000 4 l5,000 24,000 13,000 12,000 A' A' A' A\" 6000 01234 = 01234 A. $15,714 per year B. $15314 per halfyear C. $15,614 per year D. $15,614 per half year E. No correct answer IL Short Answer Questions: 1. What is scarcity and why does it exist? How is scarcity related to the study of economics? 10 points 2. Discuss the three fundamental economic questions that all nations must address. 10 points 3. Draw a supply and demand curve for cars and graphically illustrate the effect of an increase in the price of steel (an input). Label all axes and curves. 10 points 4. Draw a PPF with cars on the x-axis and TV's on the Y axis. Make sure the PPF exhibits increasing opportunity costs. 10 points