When the Sale of Goods Is Involved and a Specific

question 92

True/False

When the sale of goods is involved and a specific price has not been agreed upon, a reasonable price must be paid.

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Definitions:

Involuntary Bankruptcy

A legal process initiated by creditors to force a debtor into bankruptcy proceedings against their will.

Security

An investment instrument or collateral that signifies ownership or creditor relationship and may generate income.

Median Income

The middle income in a list of incomes sorted from lowest to highest, where half the incomes are above it and half are below it.

Chapter 13

A section of the U.S. Bankruptcy Code allowing individuals earning a regular income to develop a plan to repay all or part of their debts.