What Is the Purpose of the Uniform Computer Information Transactions

question 44

Multiple Choice

What is the purpose of the Uniform Computer Information Transactions Act?

• A) to ensure that credit card companies process transactions promptly
• B) to establish uniform rules for the formation and enforcement of electronic contracts and licenses
• C) to convert existing contract law so that all contracts are interpreted as if they were negotiated over the Internet
• D) to provide consumers certain rights in their contracts with Internet service providers

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Bushels Demanded

The quantity of a commodity, such as wheat or corn, measured in bushels, that buyers are willing to purchase at a given price.

Bushels Supplied

Bushels Supplied refers to the quantity of agricultural products, measured in bushels, that producers are willing to sell at a given price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level, in a given time period.