If a Contract for the Sale of Goods Omits the Price

question 9

Multiple Choice

If a contract for the sale of goods omits the price to be paid, the: ______.

• A) contract is void because it is too indefinite to be enforced.
• B) buyer is required to pay a reasonable price for the goods.
• C) buyer can pay whatever price the buyer in good faith believes is a proper price.
• D) seller can rightfully charge whatever price the seller in good faith believes is a proper price.

Recognize the conditions and accounting treatment for the derecognition of financial assets and liabilities.

Identify the conditions under which financial assets and liabilities can be offset.

Understand the principles and conditions related to impairment of financial assets.

Learn the accounting treatments for derivative financial instruments and their role in financial risk management.

---

Definitions:

AIDA

An acronym standing for Attention, Interest, Desire, Action; a marketing model describing the stages a customer goes through in the process of purchasing a product.

Deductive Approach

A method of reasoning from the general to the specific, where conclusions follow logically from premises or known facts.

Stock Market

A public market for the trading of company stock and derivatives at an agreed price.

AIDA Approach

A strategy in marketing and advertising designed to attract potential customers by navigating them through awareness to purchase.