The Following Elements Are All Considered to Be Key Elements

question 67

Multiple Choice

The following elements are all considered to be key elements materially altering the terms of an offer when included with an acceptance under the CISG except:

• A) Price.
• B) Place and time of delivery.
• C) Specification of the ship to be used for carriage.
• D) Settlement of disputes.

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Definitions:

Supply Price

The lowest price at which a seller is willing to sell a good or service, influenced by costs of production and market demand.

Quota Rent

The earnings exceeding normal profits received by license holders when import quotas are in place.

Demand Price

The price of a good or service dictated by the desire and ability of consumers to purchase it at certain price levels.

Import Quota

A government-imposed limit on the quantity or monetary value of certain goods that can be imported into the country over a specified period of time.