When a Customer Asks a Merchant to Deliver an Article

question 30

Multiple Choice

When a customer asks a merchant to deliver an article to his home with no mention of payment, the buyer implies that he or she will pay the market price of the article when it is delivered or when the bill is presented. This is an illustration of:

• A) a simple contract.
• B) consideration.
• C) an implied contract.
• D) a formal contract.

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Definitions:

Demands

Demands consist of the needs or desires that individuals or groups assert with the expectation of fulfillment.

Corporate Policy

Guidelines and rules established by a business or corporation to govern its operations, employee conduct, and ethical standards.

Paid Labor Force

Individuals who are employed and receive compensation for their work or services.

Economic Sociology

A branch of sociology that examines economic phenomena including markets, exchange, and capital systems.