In the Transaction Fee Model, a Website Brings Buyers and Sellers

question 68

True/False

In the transaction fee model, a website brings buyers and sellers together and charges a commission for each sale.

Comprehend legal remedies available for different forms of misrepresentation and fraud.

Understand the concept and legal principles of consideration in contract law.

Differentiate between legal sufficiency of consideration and adequacy of consideration.

Identify the requirements for a valid modification of contracts under both common law and the Uniform Commercial Code (UCC).

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Definitions:

Low Balling

A persuasion technique often used in sales where an initially low price is presented to secure agreement from the buyer, only to increase the cost through the addition of extras or disclosure of hidden costs.

Social Conformity

The act of adjusting one's thoughts or behaviors in order to fit in with the norms or standards of a social group or society.

Door-In-The-Face Effect

A compliance technique whereby a large, unreasonable request is made first, followed by a smaller, more reasonable request, which is the actual desired outcome.

Social Loafing

is the phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work alone.