A Buyer and Seller Enter into a Written Contract for the Sale

question 17

Multiple Choice

A buyer and seller enter into a written contract for the sale of some specialty steel to be used by the buyer in the manufacture of some appliances.The contract specified all the terms of the contract except the price.Which of the following is true?

• A) There is no contract because there is no meeting of the minds as to a material term.
• B) There would be a contract except that the price cannot be implied in this contract because it is not a contract for the sale of a commodity with an easily determined market price.
• C) A price will be implied only if the contract called for the price to be determined at a later date.
• D) A reasonable price will be implied.

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Definitions:

Categorical

Pertains to data that can be divided into specific groups or categories that are mutually exclusive.

Categorical Data

Data that can be divided into groups or categories that do not have a numerical value or order.

Attributes

Characteristics or properties of objects in a dataset, often used in data analysis to describe elements accurately.

Elements

Elements refer to distinct and basic units or components of a larger system, structure, or set.