Which of the Following Is the Best Definition of Transaction

question 24

Multiple Choice

Which of the following is the best definition of transaction cost?

• A)the cost of changing prices
• B)the cost of participating in a market
• C)the cost of finding suitable products
• D)the cost merchants pay to bring their goods to market

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Definitions:

Shared Mistake

The same mistake made by both parties to a contract.

Unilateral Mistake

A situation where only one party to a contract is mistaken about a fundamental aspect of the contract, affecting the agreement's validity.

Original Party

The initial entities or individuals who entered into a contract or agreement.

Assignee

An assignee is a person or entity appointed to receive the rights or property under a contract or agreement from another, known as the assignor.