An Agreement That Grants the Owner the Right, but Not

question 51

Multiple Choice

An agreement that grants the owner the right, but not the obligation, to buy or sell a specific asset at a specified price during a specified time period is called a(n) ________ contract.

• A)futures
• B)obligatory
• C)quoted
• D)fixed
• E)option

Identify how specific marketing activities create value for both buyers and sellers.

Describe the essential components of the marketing mix and how they are used to market products.

Recognize the concept of marketing exchanges and how they benefit both parties involved.

Understand the role of environmental forces in shaping marketing strategies.

---

Definitions:

Right to "Cover"

The right of a buyer to purchase substitute goods when a seller fails to fulfill their contract obligations, and to seek damages from the seller for any loss incurred.

Installment Plan

A method of payment for goods or services in which a customer agrees to pay the price in periodic installments over a set period of time.

Statute of Limitations

The legal time limit within which a lawsuit or criminal charge must be filed after an alleged offense or harm.

Consequential Damages

Indirect damages that can be recovered if they were reasonably foreseeable at the time the contract was made and result from a party's breach of contract.