Consumer Product Classes Are Based on ______________, While Business Product

question 21

Multiple Choice

Consumer product classes are based on ______________, while business product classes are based on ______________.

• A) how the product is to be used, the price for the product
• B) how consumers shop for the product, how the product is to be used
• C) the price of the product, the quality of the product
• D) how the product is produced, how the product is sold
• E) how the product is sold, how the product is produced

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Definitions:

Pre-existing Duty

A legal concept where a party's promise to perform a duty that is already owed under the law or under a pre-existing contract is not considered sufficient consideration for a new contract.

Statute of Limitations

Laws setting the maximum period one can wait before filing a lawsuit, depending on the type of claim or crime.

Unilateral Contract

A contract in which only one party makes a promise or undertakes a performance, while the other party must act to trigger the obligation.

Legally Sufficient Consideration

Value that the law recognizes as adequate to support a contract, ensuring that each party agrees to give or do something of value.