If the Parties to a Contract Failed to Include a Critical

question 240

True/False

If the parties to a contract failed to include a critical term, such as price or quantity, the court may look to normal trade usage to determine what that term should be.

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Definitions:

Relationship Marketing

A strategy designed to foster customer loyalty, interaction, and long-term engagement rather than focusing solely on short-term goals such as customer acquisition and individual sales.

Mutual Long-Term Benefits

A principle emphasizing partnerships or agreements that are designed to provide ongoing advantages to all parties involved over an extended period.

Marketing Concept

A business philosophy that focuses on identifying and meeting the needs and wants of customers as the key to achieving profitability.

Environmental Forces

External factors that affect a company's ability to operate, including economic, political, social, technological, and environmental issues.