A buyer and seller enter into a written contract for the sale of some specialty steel to be used by
the buyer in the manufacture of some appliances. The contract specified all the terms of the
contract except the price.
Which of the following is true?
A) A reasonable price will be implied.
B) There would be a contract except that the price cannot be implied in this contract because
it is not a contract for the sale of a commodity with an easily determined market price.
C) A price will be implied only if the contract called for the price to be determined at a later
date.
D) There is no contract because there is no meeting of the minds as to a material term.
A
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Which of the following is true of misrepresentation of a material fact?
A) It can occur only by the words of the wrongdoer. B) A misrepresentation is actionable as fraud only if it is the sole factor in inducing the innocent party to enter into the contract. C) It is actionable as fraud if the misrepresentation is of a past or existing material fact. D) Predictions about the future are considered basis for fraud.
Regret is the difference between the payoff from the best decision and all other decision payoffs
Indicate whether this statement is true or false.