Which of the following is true of price terms in a contract?

A) A fixed price term is essential for a binding sales contract.
B) Price terms cannot be determined at a future date.
C) No contract is created if price terms are not agreed on.
D) A contract is void if price terms are omitted.

Price Terms

Conditions and details regarding the cost of goods or services being offered or negotiated, including payment amounts, schedules, and any potential for adjustments.

Sales Contract

A formal agreement between a buyer and seller specifying the terms and conditions under which goods or services will be sold and purchased.

Fixed Price

A set price that does not change, regardless of variations in market conditions or costs of production.