Adam Offered to Buy Automobile Batteries from Ben

question 49

Multiple Choice

Adam offered to buy automobile batteries from Ben.Adam's purchase order was complete with respect to all material terms except price,which was omitted.If Ben accepts Adam's offer,and the price of automobile batteries is well established in the industry,does a contract exist between Adam and Ben?

• A)No contract was formed between Adam and Ben.
• B)A contract was formed between Adam and Ben only if it can be proved that the parties intended to enter a contract and orally discussed the price.
• C)A contract was formed between Adam and Ben,but the price will be treated as a proposed addition to the contract which must be accepted by both parties.
• D)A contract was formed between Adam and Ben even though the price term was omitted.

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Definitions:

Significance Level

The threshold against which the p-value is judged to determine statistical significance, often denoted by alpha (α) and commonly set at 0.05 or 5%.

Significance Level

A threshold or probability used in statistical hypothesis testing to determine whether to reject the null hypothesis, often denoted by alpha with a common value of 0.05.

Z-statistic

A statistic that measures the distance in standard deviations of a sample mean from the population mean under the null hypothesis.

Rejection Region

The set of values for which the null hypothesis is rejected in hypothesis testing.