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1. Describe the significance of a counteroffer in the context of contract negotiations. A counteroffer indicates acceptance of the original offer without changes. A counteroffer is a formal acceptance of the original offer. A counteroffer is irrelevant to contract negotiations. A counteroffer signifies that the offeree has rejected the original offer and is proposing new terms. 2. When no time is stated, an offer continues until acceptance takes place. indefinitely. for 30 ...

CONTRACT LAW EXAM 1 with answers

CONTRACT LAW EXAM 1 with answers

Contract Law (PGDL) Questions & Answers 2024/2025 What are the two main types of contracts? - ANSWER-Bilateral - A promise for a promise Unilateral - A promise in return for an act What is the main invitation to treat situations? - ANSWER-- Advertisement - Self-service and shop windows - Auctions (with reserve) - Invitations to tender - Mere statements of price What is the postal rule? - ANSWER-- Acceptance occurs when the letter is posted not when it is received - Also applies if ...

Assignment 2 - Contract Law Exam Questions and Answers 100% Solved Contract - A legally enforceable agreement between two or more parties in which each party makes some promise to the other Promisee - The party to a contract to whom a promise is made Promisor - The party to a contract making a promise Privity of contract - The relationship that exists between the parties to a contract Third-party beneficiary - A person who is not a party to a contract but who benefits from it and has a ...

Contract Law MCQ

CHAPTER 1: INTRODUCTION TO CONTRACT LAW 2024 EDITION 3 Functions of Contract Law - CORRECT ANSWER - -Maintain incentives for indivs to exchange goods/services -Reduces costs of economic transactions -Alerts parties to past troubles, plan transactions more intelligently and avoid pitfalls ALI stand for and founded? - CORRECT ANSWER - American Law Institute 1923 ALI created UCC and Restatement of the Law of Contracts T/F - CORRECT ANSWER - True UCC stands for and oversees what? - CORRECT...

A contract between an insured and an insurance company which agrees to pay the insured for loss caused by specific events is A. A premium. B. A guaranteed benefit. C. A policy. D. A rider. - ️️C. A policy. - A contract between an insured and an insurance company which agrees to pay the insured for loss caused by specific events is a policy. A life insurance application is asking if the applicant has applied for any other life insurance within the past 6 months. The applicant states that...

CONTRACT LAW BASICS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ Rescission - -Cancelling or terminating a contract, with the effect of returning the parties to their original positions before the contract was made Performance of a contract - -When all contract terms and conditions have been met Five essential elements of a valid contract - -Legally competent parties, offer and acceptance, legal purpose, consent, and consideration; contracts must also be in writing and signed by all ...