Jack and Neo Have a Longstanding Commercial Relationship Whereby Every

question 23

Multiple Choice

Jack and Neo have a longstanding commercial relationship whereby every few months Neo orders widgets from Jack.Which of the following is most likely to be an implied term in the contract?

• A)The place of delivery will be the same place as last time.
• B)The price of the widgets will be 10% higher than last time.
• C)The price paid for the Widgets will be refunded if Neo changes his mind.
• D)The price will be 'a fair price'.

Learn the basics of OSHA requirements and employer obligations related to workplace safety and health.

Understand the regulatory framework controlling business operations, including zoning, health insurance requirements, and workplace safety.

Recognize the essentials and enforceability of contracts, including the necessity for written contracts in specific cases.

Identify the legal aspects and processes involved in bankruptcy, including the duration it remains on credit reports and differences between Chapters 7, 11, 12, and 13.

---

Definitions:

Creative Destruction

An economic theory that suggests the dismantling of long-standing practices in order to make way for innovation and new systems that enhance economic vitality.

Joseph Schumpeter

An economist and political scientist who proposed the theory of creative destruction in economics.

New Businesses

New businesses are entities in their early stages of operation, often characterized by innovation, development of products or services, and efforts to secure market position.

Small Business Characteristics

Pertains to features that define small businesses, such as limited revenue and workforce size, often centered around personalized service and local operation.