Needs Hierarchy Theory Explains How People Develop Perceptions of Fairness

question 238

True/False

Needs hierarchy theory explains how people develop perceptions of fairness in the distribution and exchange of resources.

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Definitions:

Merchant

An individual or company involved in wholesale or retail trade, especially one dealing with goods, services, or commodities for profit.

Consideration

Consideration in legal terms refers to the value, which could be a benefit or a sacrifice, that parties exchange in a contractual agreement, essential for the contract's validity.

Hybrid Contract

An agreement that encompasses elements of both goods and services within the same transaction.

UCC Article 2

Part of the Uniform Commercial Code that governs the sale of goods in the United States, providing a framework for transactions and contracts.