Final answer:
Most personal satisfaction contracts are judged by the satisfaction of a reasonable person standard, ensuring that transactions can occur despite imperfect information.
Step-by-step explanation:
The standard to which most personal satisfaction contracts must adhere is often the satisfaction of a reasonable person. This standard applies unless the contract explicitly stipulates that it is subject to the personal satisfaction of the receiving party (buyer) or to the satisfaction of an expert third party. When dealing with the quality of gemstones, used cars, legal services, and various other products or services where the buyer is not expected to be an expert, the reasonable person standard helps to reduce the risks associated with imperfect information and enable the buyer and seller to proceed with the transaction with some degree of confidence.