If a Price Is Unclear When a Contract Is Found

question 52

Multiple Choice

If a price is unclear when a contract is found to exist, the UCC directs the courts to:

• A) determine "a realistic price"
• B) determine "a reasonable price"
• C) determine who should have to pay the price
• D) determine who should have known the price
• E) determine a fair way to set the price

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Definitions:

Incidence

The allocation of the burden of a tax between buyers and sellers, or the effect of a policy or economic event on particular groups.

Industrial Market Countries

Nations with highly developed industries where the majority of economic activities are focused on manufacturing and services.

High-Income Economies

Countries or regions characterized by a high gross domestic product (GDP) per capita, indicating a higher standard of living and economic development.

Inefficient Use

Inefficient use describes a scenario in which resources, such as time, money, or materials, are not utilized in a way that maximizes productivity or value.