If the Parties to a Contract Do Not Set a Specific

question 66

Multiple Choice

If the parties to a contract do not set a specific time of performance for any obligation under the contract,the contract ________.

• A) must be performed within a reasonable time
• B) is considered to be unenforceable under the UCC
• C) can be satisfied at a time the offeree insists upon
• D) is not created at that time

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Definitions:

Prices of Labor

The wages or compensation provided to workers for their labor or services.

Isocost Line

A graph that shows all possible combinations of inputs that can be purchased with a given total cost.

Price of Capital

The cost of using capital resources, such as equipment or buildings, often reflected in interest rates or rental prices.

Price of Labor

The wage rate or compensation given to workers for their labor, typically expressed per hour or year.