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:

Duty to Serve

The obligation of certain entities to provide services to all potential customers within a specified area or domain, often used in the context of utilities or public services.

Duty to Account

An obligation to provide a detailed report of financial transactions or holdings, typically mandated in fiduciary relationships or other scenarios demanding transparency and accountability.

Best Interest

The most favorable or advantageous course of action for an individual or entity, often used in legal and financial contexts to determine what practices or decisions will most benefit the party in question.

Compete

To engage in an effort to win or excel against others, often in business, sports, or any area where performance and achievement are measured against others.