A Consumer Values a Car at $525,000 and a Producer

question 31

Multiple Choice

A consumer values a car at $525,000 and a producer values the same car at $485,000.If the transaction is completed at $510,000,what level of tax rate will result in unconsummated transaction?

• A)1%
• B)5%
• C)3%
• D)2%

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Definitions:

Electronic Signature

A digital form of a signature used to give consent or approve documents electronically, having legal standing similar to a handwritten signature.

Statute of Frauds

Legal requirement that certain contracts be in writing and signed by the party to be charged to be enforceable.

Writing

The act of marking coherent words on a surface or the piece of text itself; in legal contexts, many agreements must be documented in writing to be enforceable.

Electronic Transactions

Deals or exchanges of goods, services, or information conducted over electronic systems like the Internet or other computer networks.