Final answer:
A vendee may validly suspend payment if the seller is tardy in delivery or the goods are flawed. To reassure buyers who have imperfect information, sellers can provide detailed product information, transparent policies, customer reviews, and quality assurances. Agreeing on a price can be difficult without full information, leading to a need for warranties or negotiations.
Step-by-step explanation:
A vendee may validly suspend payment of the price in certain circumstances, such as when the seller is tardy in delivery or when the goods are flawed. The vendee cannot suspend payment on a whim or if the seller merely insists on payment. The suspension of payment is a legal measure to protect the buyer's interests when the transaction does not go as agreed upon. In these cases, it serves as a way of ensuring that the seller fulfills their part of the bargain, delivering goods on time and without defects.
Reassuring Buyers Faced with Imperfect Information
When the buyer is faced with imperfect information, the seller can reassure them through several means:
- Providing comprehensive product descriptions and specifications.
- Offering a transparent return or exchange policy.
- Presenting customer reviews and testimonials.
- Ensuring quality assurance through certifications or guarantees.
Agreeing on a Price with Imperfect Information
Agreeing on a price can be difficult when imperfect information exists because both the buyer and seller may have different understandings of the value of the goods or services. This uncertainty can lead to a discrepancy in price expectations, making it challenging to reach an agreement. Strategies like providing warranties or engaging in negotiations can help in reaching an acceptable price for both parties.