You have agreed to paint your neighbor\'s house a lovely shade of pink for $1500

Q: You have agreed to paint your neighbor's house a lovely shade of pink for $1500

Fixed price contract. Since in this case, it is visible that there has been a fixed price contract between me and my neighbor. Hence, my neighbor transferred risk with a fixed price contract.

ID: 340298 • Letter: Y

Question

You have agreed to paint your neighbor's house a lovely shade of pink for $1500 and discover much to your dismay that the house has a second floor. Now you're faced with the prospect of buying a ladder or scaffolding or a really long handled brush, not to mention the 15 more gallons of paint that will be needed to cover. You won't get another penny for what will surely be increased efforts since your neighbor transferred risk with a(n) ________________. cost-plus contract. contingency reserve. fixed price contract. inflation clause.

Explanation / Answer

Fixed price contract.

Since in this case, it is visible that there has been a fixed price contract between me and my neighbor. Hence, my neighbor transferred risk with a fixed price contract.

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You have agreed to paint your neighbor\'s house a lovely shade of pink for $1500

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