Tom Is a Supplier of Widgets and John Is a Retailer

question 7

Multiple Choice

Tom is a supplier of widgets and John is a retailer of widgets.John wants to purchase widgets from Tom for his business and they both agree verbally to a contract.Which of the following is likely to be an express term of the contract?

• A)The price of the widgets which Tom stipulated and John agreed to in the course of negotiations.
• B)The requirement that the widgets be of 'merchantable quality'.
• C)The requirement that both parties act in good faith.
• D)The requirement that the widgets be packaged according to usual industry practice.

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Definitions:

Unionized Workers

Employees who are members of a union, a group that negotiates with employers for better wages, benefits, and working conditions.

Minimum Wage

Minimum wage is the lowest legal remuneration that employers are allowed to pay their workers, established by government laws.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price level in a given period.

Labor

The human effort, both physical and mental, used to produce goods and services.