Final answer:
An unwritten promise to pay a supplier is an informal agreement based on trust between buyer and seller, similar to implicit guarantees like money-back guarantees in the goods market.
Step-by-step explanation:
An unwritten promise to pay a supplier for property or merchandise purchases can be considered an informal credit arrangement between the buyer and the seller.
Similar trust-based transactions often occur between businesses, where the buyer receives goods or services with the understanding that payment will follow.
While not legally binding in the same way as a written agreement, these understandings rely on the reputation and relationships between the parties.
In a broader context, the seller may also offer various forms of reassurance about product quality. For instance, a money-back guarantee is an explicit promise that may encourage a potential customer to make a purchase even if they are unable to physically inspect the goods, such as with online shopping or mail-order catalogs.
These guarantees act as a form of collateral to protect the buyer from unsatisfactory experiences and can enhance customer trust in a company or brand.
Furthermore, firms may provide implicit guarantees. Businesses like movie theaters or restaurants may not advertise money-back policies but often practice customer satisfaction by offering refunds or exchanges when customers are not content with the service or product provided.
Both unwritten payments and money-back guarantees are integral to the functioning of the goods market and the maintenance of customer relations.