To Simplify,clarify,and Modernize the Law Governing Commercial Transactions,the UCC Permits

question 38

Multiple Choice

To simplify,clarify,and modernize the law governing commercial transactions,the UCC permits the use of "open terms" in sales contracts.In the use of "open terms," which of the following is true?

• A) The court will use market value and other comparable sales to determine what a reasonable price would have been at the time of delivery if the parties have not settled the price in the contract.
• B) If time of payment is not mentioned in the contract, payment within a commercially reasonable time is presumed.
• C) If the contract permits the buyer or seller to determine the price during contract performance, the UCC requires the party to do so in good faith.
• D) All of the above are true.

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Definitions:

Instincts

Innate, typically fixed patterns of behavior in animals in response to certain stimuli.

Emotions

Affective states that are experienced as a response to internal or external events and are associated with physiological, behavioral, and cognitive changes.

Primary Drives

Basic physiological needs such as hunger, thirst, and sleep, which motivate behavior to ensure survival.

Stimuli

External factors or events that elicit a physiological or psychological response in an organism.