If the Contract Does Not State Otherwise, Standard Goods Under

question 56

Multiple Choice

If the contract does not state otherwise, standard goods under a contract for sale to meet the satisfaction of the buyer must:

• A) satisfy a reasonable person.
• B) meet the buyer's actual satisfaction, if honest and in good faith, even if unreasonable.
• C) meet the buyer's actual satisfaction, only if reasonable.
• D) meet a subjective standard.

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Definitions:

Sunk Costs

Sunk costs refer to expenses that have been incurred and cannot be recovered, often influencing future decision-making in a way that irrationality values these past investments over current and future considerations.

Dating

The process of two people engaging in activities together to explore romantic or sexual interest.

Alternative Prospects

Potential alternative opportunities or choices available in a given situation.

Social Exchange Theory

A theoretical framework that posits social behavior is the result of an exchange process aiming to maximize benefits and minimize costs in relationships.