Final answer:
The statement regarding the necessity to document the identity and relationship between the buyer and a third party is true. Imperfect information can hinder price agreement between a buyer and seller due to missing knowledge of market conditions and product quality, which may lead to disagreements on the fair price.
Step-by-step explanation:
The statement is true, the identity and relationship between the buyer and the third party must indeed be documented. This is essential in many business transactions to ensure transparency, accountability, and to satisfy legal requirements. When it comes to the negotiation of prices between buyers and sellers, the presence of imperfect information can lead to difficulties in reaching an agreement. Imperfect information means that one or both parties do not have full knowledge of the market conditions, product quality, or other factors that can influence the fair price of a good or service. This imbalance can result in one party demanding a higher price or the other expecting to pay less, leading to a potential deadlock in negotiations. It's important for both parties to strive towards acquiring as much relevant information as possible to facilitate a fair and agreeable transaction.