Karen Has Agreed to Buy Sara's Car, but the Two

question 63

Multiple Choice

Karen has agreed to buy Sara's car, but the two have not agreed on the price. When there is no agreement as to price in a contract for a sale of goods, what effect does it have on the contract?

• A) The price is whatever the seller decides.
• B) The price is a reasonable price at the time of making the contract.
• C) The price is a reasonable price at the time of delivery.
• D) There is no contract, because the agreement is not definite and certain enough.

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Definitions:

Short-Run Phillips

A concept describing the inverse relationship between unemployment and inflation within a short-term period.

Left

Politically, refers to ideologies and movements that typically advocate for social equality, government intervention in the economy to redistribute wealth, and the protection of social welfare programs.

Inflation Expectations

Inflation Expectations are the rate at which people expect prices to rise in the future, influencing their economic decisions.

Long-Run Phillips

The concept in economics that suggests there is no long-term trade-off between inflation and unemployment, indicating that in the long run, the Phillips curve is vertical.