David and George Have a Contract Wherein George Agrees to Buy

question 7

Multiple Choice

David and George have a contract wherein George agrees to buy sporting goods and equipment.Since the goods are not to be delivered for several months,they left the price open.Under the UCC,which of the following will be true?

• A)The price will be the reasonable price based on the market value of the goods at the time of delivery or a price established by a neutral party or agency.
• B)David has the freedom to set any price he wants considering George was foolish enough to enter into a contract without a price established.
• C)George has the right to establish a price because he is the buyer. David should have taken steps to protect his sales interest.
• D)None of the above. The contract is not valid because the terms are not definite and certain.

Understand the concept of residual value and its effect on leasing decisions.

Distinguish between the financial treatment and risks of leveraged versus unleveraged leases.

Comprehend the financing aspect of leasing and how it compares to other financing methods.

Understand the social construction of deviance and crime, including the role of culture and power.

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Definitions:

Yolk Sac

An early embryonic structure that provides nutrition to the developing embryo before the placenta forms.

Epididymis

A tightly coiled tube situated behind the testes where sperm are stored and mature.

Ductus Deferens

A tube that carries sperm from the epididymis to the ejaculatory ducts in the male reproductive system.