If a price is not determined by the parties in a contract of sale, the buyer is bound to pay________________. Select one: a. the price which the buyer thinks is reasonable b. the price to be determined by a third independent person c. the price demanded by the seller d. a reasonable price

If a price is not determined by the parties in a contract of sale, the buyer is bound to pay________________. Select one: a. the price which the buyer thinks is reasonable b. the price to be determined by a third independent person c. the price demanded by the seller d. a reasonable price

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

If a price is not determined by the parties in a contract of sale, the buyer is bound to pay________________.

Select one:

a. the price which the buyer thinks is reasonable

b. the price to be determined by a third independent person

c. the price demanded by the seller

d. a reasonable price

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