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:

Interest Rate

The cost of borrowing money, typically expressed as a percentage of the amount loaned.

Income

The financial gain (earned or unearned) accruing over a given period of time.

Utility Functions

Mathematical expressions used in economics to represent a consumer's preference ranking for various bundles of goods.

Consumption

The utilization of goods and services by households or individuals to satisfy their needs and wants.