Under the Code, "Open Terms"-Such as No Quantity of Goods

question 25

True/False

Under the Code, "open terms"-such as no quantity of goods, or no price for the goods-can be "plugged" to create an enforceable agreement.

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Definitions:

Price Ceiling

A legally established maximum price for a good or service, beyond which it cannot be sold.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained utility.

Supply Shift

A change in the quantity of a product or service that producers are willing and able to sell at all prices, due to factors like technology, production costs, or number of sellers.

Normative Analysis

A type of analysis concerned with what ought to be, focusing on value judgments and statements of what is good or bad.