A Product That Is Viewed in Terms of the Essential

question 62

Multiple Choice

A product that is viewed in terms of the essential benefits that a buyer expects to receive from it is called a(n) _____.

• A)tangible product
• B)generic product
• C)intangible product
• D)meta product

Recognize the importance of consideration in contract formation and the effects of mutual misunderstanding or mistake on a contract's validity.

Understand the difference between void and voidable contracts, and the implications of each for the parties involved.

Understand the concept of unilateral and bilateral contracts, how they are formed, and the obligations they create.

Identify and understand contract terms related to modifications and the interpretation of ambiguous contract provisions.