1. Forkner (the seller) and Gluth have a contract for the sale of sports equipment.Since the goods would not be delivered for many months, they left the price open.Under the Code, which of the following would be true at the time of delivery?
2. A.They will need to set a fair market price based on the value of goods at the time of delivery.
3. B.They will need to set a reasonable price based on the value of goods at the time of the original contract negotiations - regardless of shifts in market value.
4. C.Forkner has the freedom to set any price he wishes; under the Code, Gluth - who has foolishly agreed to an open-price contract - must pay whatever is asked.
5. D.None ofthe above; the contract is not valid since it does not include a price.

4 points

QUESTION 3

1. In legal terms, goods are best defined as:
2. A.Marketable products for which there is public demand.
3. B.Anything that the seller is willing to trade for money.
4. C.Things that are movable at the time they are identified in the contract.
5. D.Anything that does not fall under the heading ofservices.