Mike Inherited Some Antiques

question 13

Multiple Choice

Mike inherited some antiques. Pat agrees to buy them. In the contract, Mike and Pat agree to value the antiques at whatever the Sotheby's representative says. If the valuation is much higher than either of them anticipated, Pat:

• A) has to buy at the price set by the Sotheby representative.
• B) has to buy, but at what Pat and Mike believe was a reasonable price.
• C) has no obligation to buy the antiques.
• D) can treat the contract as canceled.

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Definitions:

Psychological Dynamics

The underlying psychological forces that influence human behavior and interactions.

Premium

An amount paid for a service or product that is considered higher in quality, often involving additional cost for enhanced features or benefits.

CPR Certification

A document or credential signifying that an individual has completed training and demonstrated proficiency in cardiopulmonary resuscitation (CPR), a life-saving procedure used in emergencies.

First Attempt

The initial try or effort in undertaking a task or challenge.