Knowledge that Transforms

THE GENERAL problem to be dealt with in this paper can be stated very briefly: What is the place of terms of sale in the equilibrium of a market? The phrase "terms of sale" refers to those specific condi tions as to the basis of pricing, billing, and delivery by the seller, and those specific conditions as to payment by the buyer, which constitute an integral part of the sales transaction. Such terms are set forth explicitly and fully in the case of a sale for which a covering wri tten contract is drafted; they are commonly included as a part of any complete published price list; they are generally understood fairly distinctly by buyer and seller even in the case of the more informal kinds of sales transactions.