Define Norms and Provide an Example

question 84

Short Answer

Define norms and provide an example.

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Definitions:

Good Faith

The honest intent to act without taking an unfair advantage over another party, typically referenced in contracts or negotiations.

Obtaining Cover

The process of seeking alternative goods or services, typically by a buyer in response to a seller's breach of contract.

Resale Price

The amount for which an item is sold again on the market after it has been purchased once from the original seller or manufacturer.

Contract Price

The sum agreed upon by the parties involved in a contract for the sale of goods or services.