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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Debts or obligations that do not have specific assets pledged as collateral in case of default.

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Taxes levied by the national government on annual income earned by individuals, corporations, trusts, and other legal entities.

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