Suppose Dr. Splendor is the only instructor of Mongrel Economics employed by the College of Busyness at TAMU-Quiz. TAMU-Q agreed last spring to pay him $3,000 to create an online version of this course, to be delivered late in the fall. Further, they gave him an advance of $1,000 in June to complete the outline for the course and several course modules by the end of July. On July 31 he turned in a brief outline and 2 modules. TAMU-Q claims that it failed to live up to the TAMU-Q's expectation that he create a detailed outline and 4 modules. Given the ambiguity over the word "several," and what constitutes a "detailed" outline, Splendor agreed.
a. Explain how/why Splendor could have exploited rent.
b. How/why is this contract incomplete?