Pete and Will Have an Option Contract for the Sale

question 49

Multiple Choice

Pete and Will have an option contract for the sale of some fresh vegetables.Jane and Ashley have an option contract for the sale of some books.Neither contract has an exact period of time specified in the option.The reasonable period of time implied is​ 

• A) ​the same for both contracts. 
• B) ​shorter for the vegetable contract than for the book contract. 
• C) ​longer for the vegetable contract than for the book contract. 
• D) ​determined by state laws.

---

Definitions:

Expected Value Theory

A concept in probability and statistics that calculates the anticipated value of an investment or decision, factoring in all possible outcomes and their probabilities.

Roulette-type Games

Games of chance that are characterized by a spinning wheel and a ball that determines the winning number or color.

Charity Bazaar

is a fundraising event organized to support charitable causes, often featuring goods for sale, entertainment, and food.

Availability Heuristic

A quick mental strategy that draws on the initial instances that spring to mind for someone when thinking about a certain topic, notion, strategy, or decision-making process.