Which of the Following Is True of Open-Price-Term Contracts

question 39

Multiple Choice

Which of the following is true of open-price-term contracts?

• A) The contract is void due to the failure to specify a required term of the contract.
• B) The price becomes the reasonable price at the time the contract was entered into.
• C) The price becomes the reasonable price at the time the goods are delivered.
• D) The price is determined by the court's applying a reasonable price at whatever time the court deems appropriate to fairness.

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Definitions:

Resells

The act of selling something that one has previously bought to a third party.

Original Buyer

The first purchaser of a good or service, directly from the manufacturer or provider, before any subsequent resale.

Additional Remedies

Refers to legal solutions or compensations provided beyond ordinary damages, including injunctions and specific performance to address a wrong or breach of contract.

Code

A systematic collection, compendium, or revision of laws, rules, or regulations.