A Supplier and a Retailer Have a Long,established Relationship

question 54

Multiple Choice

A supplier and a retailer have a long,established relationship.Earlier contracts between them have always provided the standard "within 30 days of delivery" payment provision.A new contract makes no reference to payment terms.Which of the following would a court most likely rely on to arrive at a decision that payment is due within 30 days of delivery?

• A) customs in the trade
• B) past dealings
• C) business efficacy
• D) statutory requirements

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Definitions:

Schedule

A plan that details when certain tasks or activities are to be done, outlining a timeline for events.

Reinforcement

In behavior psychology, it refers to the process of encouraging or establishing a pattern of behavior by offering rewards or consequences.

Intermittent Reinforcement

A conditioning schedule where a response is only sometimes reinforced, leading to more resistant behavior to extinction.

Occurrence

Occurrence denotes an event or a situation that happens or takes place, often used to describe instances of varying significance.