A Contract Has an Open Price Term If the Agreement

question 54

Multiple Choice

A contract has an open price term if the agreement:

• A) says nothing as to price.
• B) provides that the parties shall agree later as to the price and they fail to so agree.
• C) fixes the price in terms of some agreed market or other standard, as set by a third person or agency, and the price is not so set.
• D) All of these.
• E) None of these.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.