Final answer:
It is false that in the absence of an inspection clause, buyers acknowledge no inspection report will be obtained; buyers can still choose to inspect informally. Difficulties in agreeing on a price arise when imperfect information is present, as uncertainty about quality leads to a discrepancy in perceived value and challenges in negotiations.
Step-by-step explanation:
When an agreement of purchase and sale lacks an inspection clause, it is False to state that buyers are acknowledging that no inspection report will be obtained. Buyers may still opt to conduct an inspection independently, but it will not be a formal part of the contractual obligations between buyer and seller. For the provided review question, it can be difficult for a buyer and seller to agree on a price when imperfect information exists because either party may not have complete certainty about the qualities and values of what is being transacted. This can lead to discrepancies in perceived value and result in negotiations stalling or failing entirely as both parties aim to minimize their risk.