An offer was presented but the seller did not accept the offer, instead, he suggested different terms that would be more acceptable. A) This is a rejection of the original offer B)This is a counteroffer on the original offer C)This is a negotiation that keeps the original offer alive D) This kills the original offer, which can no longer be accepted
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- Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractIf the seller has already sent a counteroffer to one prospective buyer and then receives another offer from a second prospective buyer that is even better: They are free to respond to the new offer from the second prospective buyer without withdrawing their counteroffer to the first prospective buyer. They should withdraw the counteroffer to the first prospective buyer before responding to the new offer from the second prospective buyer. They must tell the first prospective buyer about the new offer from the second prospective buyer and give the first prospective buyer an opportunity to match the new amount. They cannot do anything until they hear back from the first prospective buyer +Statement 1: Unless it appears otherwise, business advertisements of things for sale are not definite offers, but mere invitations to make an offer.Statement 2; The advertiser is bound to accept the highest or lowest bidder, unless the contrary appears. a. Both statements are true b. Both statements are false C c. Only statement 1 is true d. Only statement 2 is true
- 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 settlementBe careful when the counterparty discloses their BATNA at the outset of the negotiation. When the counterparty discloses his or her BATNA at the outset of the negotiation, negotiators often respond with all of the following actions, except _____. Group of answer choices disclose more truthful information settle for less profit make less demanding offers make more extreme demands for money and timeIn relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.
- In the case of a contract for sale by sample there is an implied condition of all the following EXCEPT: That the goods will be free from any defect, rendering them un-merchantable, which would not O a. be apparent on reasonable examination of the sample. O b. That the buyer will have a reasonable opportunity of comparing the bulk with the sample C. That the bulk will correspond with the sample in quality O d. That the bulk of items will on average correspond with the sample qualityWhen a negotiator has reliable, thorough information about the negotiation object or service, they are in a good position to _____. Group of answer choices immediately reject the counterparty's first offer refuse to make any concessions determine the exact midpoint between the last two offers on the table open with an assertive aspiration point to anchor their offer early in the negotiationa) List the five requirements for contract formation and give a short (approximately 1–2 sentences) description of each requirement.b) Choose one of the requirements from your answer to (a). Write a short (approxi- mately 5–10 sentences) example of a contract that does not satisfy this requirement and explain why.
- If a prospect does NOT submit the initial premium with an application, the producer Su A refuse the application submit the application to the insurance company and advance the premium for the prospect from the agency account submit the application to the insurance company without the premium give the applicant a conditional receipt and send the application to the insurance company without the premium OB OC. ODIf 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.EnforceableSimon purchased both a call and a put on 280,000 bushels of lentils. Both options have a strike price of $5.00/bushel and a common expiration date. Lentils contracts are based on 5,000 bushels. The price of lentils on the expiration date is $5.38/bushel. A. Ignoring all costs, calculate Simon's total option payoff for these two contracts. B. Assuming that a call costs Simon $0.15 per bushel and a put costs $0.11 per bushel, calculate Simon's total profit or loss on the two positions.