Ed offers to sell to Nicole a hand-carved chest of drawers worth more than $2,000. Nicole agrees to buy the chest and signs a contract for the purpose, but the price of the chest is left out of the contract. Ed and Nicole have: a. a valid contract as long as the court can determine a reasonable price. b. no contract, because parties cannot leave out the price term under the UCC. c. an invalid contract only if Ed refuses to state a price.

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan