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Simple agreed to purchase a quantity of bird feed for his canary from a local pet shop.The shopkeeper agreed to weigh the feed,and have it in a package for Simple when he returned in one hour.The shopkeeper weighed the feed,and wrote the weight,price,and Simple's name on the package.Before Simple returned,the package was stolen from the shop.
-The title to the goods had not passed,because Simple had not paid for them.
Sealed-Bid
A method of auction where all bidders submit their bids in secret, with the highest bid usually winning without others knowing the bid amounts.
Lemons
In economics, refers to a market problem where sellers have more information than buyers regarding the quality of goods, leading to adverse selection. Also, a citrus fruit.
Expected Value
A statistic that calculates the average outcome of a random event when the process is repeated many times, useful in decision-making and risk assessment.
Dipstick
A tool used for measuring the quantity or level of fluid within a container, commonly used in vehicles to check oil levels.
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