An offer can be defined as an intimation of words and conduct, with a desire to enter into a binding arrangement. It is argued for an offer to be effective, the terms of the offer must be clear, precise and unambiguous. Please eloborate on the statement above.
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An offer can be defined as an intimation of words and conduct, with a desire to enter into a binding arrangement. It is argued for an offer to be effective, the terms of the offer must be clear, precise and unambiguous.
Please eloborate on the statement above.
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- The four agree to a formula under which they will price the shares pursuant to granting each other the right to buy the shares of an owner who decides to sell. This is an example of what kind of restriction on transfer? Multiple Choice Provision disqualifying purchasers Put agreement Consent constraint Buy-and-sell Option agreementWhat are the terms used for the parties involved in the offers and negotiations leading up to the final contract? offeree and counteror offeror and recipient offeror and counteror offeror and offereeWhich of the following represents the MOST accurate contractual definition of "consideration"? something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms earnest money something that both parties to the contract perceive as valuable something perceived as valuable by at least one party to the contract
- 81. Which of the following statements about a short sale is true? a. The seller's lien holder must forgive any shortfalls if there are any b. Sales proceed are inefficient to pay off liens c. The possibility of a short sale is not a material fact until contract has been formed noting information d. The seller must bring additional funds to satisfy liens to settlementThe contractual element of agreement requires __________. a.) an offer with definite terms, but not an acceptance b.) an offer and acceptance in written form c.) mutual assent between persons d.) a verbally communicated offer and acceptanceAn anti-modification clause: O a) prevents the terms of a contract from being changed by repeated waivers of breaches. O b) prevents evidence of prior or contemporaneous agreements which conflict or add to the terms of a written contract. O c) specifies the amount of damages in the event of a contractual breach and states that such damages cannot be modified or changed. O d) is necessary in a writing to satisfy the statute of frauds.
- Which of the following statements is TRUE about an ultra vires transaction?Group of answer choices Its effect has been reduced under the Companies Act since it is no longer deemed an invalid transaction. Under common law, the transaction could be ratified by the company. Members, debenture holders (or their trustees) of the company cannot take an action to restrain such transactions under the Companies Act. Under common law, it was a voidable transaction hence the company could decide whether to continue with the transaction or not.If a loan shark promises you $500 if you will rough up one of his nonpaying customers to encourage prompt repayment, what sort of contract is this? a.Valid b.Void c.Voidable d.EnforceableWhich of the following statements is TRUE about an entrenching provision? Group of answer choices It must be altered by at least 75% of members present and voting. It can be amended by following the provisions of S.26(1) of the Companies Act. It can never be removed. It must be amended with the approval of all members.
- A. Does a contract have to be in writing? B. List three types of terms in a contract. C. Distinguish terms in a contract from a representation.Offer, acceptance, and consideration are necessary elements of A a warranty a representation a contract insurable interest B. DL.L. Bean sends a catalogue to Olivia. A letter addressed to Olivia is attached to the cover of the catalogue. In the letter, the CEO of the company invites Olivia to buy any item in the catalogue at the listed price. This is a. an offer because there is no room for price negotiation. b. not an offer. c. an offer because of the letter. d. an offer only if Olivia previously bought items from L.L. Bean.