A Contract Has an Open Price Term If the Agreement

question 6

Multiple Choice

A contract has an open price term if the agreement:

• A)says nothing as to price.
• B)provides that the parties shall agree later as to the price and they fail to so agree.
• C)fixes the price in terms of some agreed market or other standard, as set by a third person or agency, and the price is not so set.
• D)All of the above.
• E)None of the above.

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Definitions:

Cognitive Interpretations

The mental processes of comprehending, interpreting, and ascribing meaning to the surrounding environment and experiences.

Physiological Responses

The body's automatic reactions to a stimulus, including changes in heart rate, breathing rate, and other bodily functions.

Expressive Reactions

Emotional responses to stimuli or events that are outwardly displayed and observable by others.

Schachter's Two-Factor Theory

A psychological theory proposing that emotion is experienced through a combination of physiological arousal and a cognitive label applied to explain the arousal.