David and George Have a Contract Wherein George Agrees to Buy

question 12

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 fair market value of the goods at the time of delivery.
• 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.

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Definitions:

Critical Race Theory

Holds that racism is often the outcome of common practices that are embedded in Canada’s political, legal, and other institutions but that many people, especially those in dominant positions, are not aware of.

Institutional Racism

A form of racism that is embedded through laws and regulations within a society or an organization, leading to discrimination against certain racial groups.

Immigration

The process by which individuals move from one country to another to live permanently.

Positive Effect

The beneficial impact of a variable or intervention on a particular outcome.