A Reference Value

question 35

Multiple Choice

A reference value

• A)is relative to the amount of time and energy a consumer puts into the purchase process.
• B)is based upon the value assigned to similar items used by the consumer's peers.
• C)results from performing a careful break-even analysis.
• D)involves comparing the costs and benefits of substitute items.
• E)is based upon the differential between customers' "needs" and "wants."

---

Definitions:

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, designed to harmonize the law of sales and other commercial contracts.

Convention on Contracts for International Sale of Goods

An international treaty that establishes a uniform framework for the law governing the international sale of goods.

Contract Contains

The provision, clauses, and terms encapsulated within a legally binding agreement.

Risk of Loss

The possibility that an asset might be lost, damaged, or diminished in value, often leading to discussions about which party bears this risk in transactions.