Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for 3 hours. After Mike has done the 3 hours of tutoring, but before Ike pays him next week, this contract is:

You are a professor of economics at a university.? you've been offered the position of serving as department? head, which comes with an annual salary that is ? $5 comma 500 higher than your current salary.? however, the position will require you to work 200 additional hours per year. suppose the next best use of your time is spending it with your? family, which has value of ? $10 per hour.