Loren and Kendra Enter into a Contract for the Distribution

question 63

Multiple Choice

Loren and Kendra enter into a contract for the distribution of Loren's produce to local restaurants for which he agrees to pay Kendra.Kendra transfers her right to payment under the contract to County Bank.This transfer is

• A)a delegation.
• B)an assignment.
• C)a third party beneficiary contract.
• D)prohibited.

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Definitions:

Price Protection

A sales policy or agreement guaranteeing a buyer a refund of the difference if the price of the purchased item drops within a certain period after the purchase.

Single Provider

Refers to a market scenario where only one company or entity supplies a particular product or service.

Monopolistic Competition

An economic environment where many firms offer products or services that are similar but not perfect substitutes, leading to a scenario where each company has some market power.

Substitutable Products

Substitutable products are goods or services that can be used in place of each other by consumers due to their similar functions or characteristics.