If the Parties to a Contract for a Sale of Goods

question 12

True/False

If the parties to a contract for a sale of goods have not agreed on a price, a court will determine a reasonable price at the time for delivery.

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Definitions:

Security Interest

A legal claim or right granted over an asset to secure the performance of an obligation, typically repayment of a loan.

Overages

Extra charges incurred when a project goes over its budget, often applied in construction, film production, or retail leasing contexts.

Underages

Instances where the quantity or amount of something is less than what is expected, required, or legally necessary.

Personal Property Security Act

Legislation that governs the creation and registration of security interests in personal property to secure payment or performance of an obligation.