How is an offer terminated?options: 1)A counter-offer by the offeree. 2)The offeree makes enquiries regarding the terms of the offer. 3)When there is a breach of the term by the offeree after acceptance. 4)The offeror serves a notice of revocation within reasonable time after acceptance.

There’re various conditions due to which an offer can be deemed as terminated. They’re occurrences…

Answered: How is an offer terminated?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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a. True or false Under the objective theory of contracts, the intention to enter into a contract is judged by all the observable relevant outward, objective facts as interpreted by a reasonable person. b. true or false A unilateral offer is accepted by the Offeree doing the act requested by the offeror.
Problem:Hypothetical situation: Your company buys a computer from Midnight Computer Supplies. Unknown to your company, Midnight has removed the high storage hard drive that you ordered and replaced it with an inferior drive having inadequate storage. Your company pays Midnight with a $20,000 check. Midnight owes its vendor, Marvelous Monitors, $20,000, so Midnight endorses the $20,000 check over to Marvelous. Marvelous doesn't know that Midnight switched the hard drive. Your company then discovers that Midnight switched the drives. Meanwhile, Marvelous comes to your company for the $20,000 (or more likely goes to your company's bank to cash the check.)Question: Does your company (or your company's bank) have to pay Marvelous the $20,000? Why or why not? What other action could your company take to try to recoup its losses?ME: (Does that mean that Marvelous is protected by the "Personal Defenses" and must be paid because they recieved the check in good faith and…
what does it mean to terminate a contract by operation of law? Death of seller and broker? performance?
1. Based on the facts given in hypothetical contract scenario drafted in Part 1, identify the following elements: C a Offer b. Acceptance c. Consideration d. Competent Parties e. Intention to create a binding agreement 1. Legality of Purpose
A buver made an offer on a property on September 25th. The Seller countered on September 26th. Both parties signed the purchase contract on September 28th. The property closed on December 31st. What is the effective date of contract? O December 31st O September 26th O September 28th O September 25th
The principle from the case of Partridge v Crittenden is: Select one: a. Advertisements in a magazine can be accepted b. Advertisements in a magazine amount to an offer c. Advertisements in a magazine amount to an acceptance d. Advertisements in a magazine amount to an invitation to treat
Identify and explain FOUR circumstances in which an assurance provider should decline a new assurance engagement.
Listing Agent Pete is willing to help sell Seller Cami's condo but believes it will take a lot of work. Because of this, Pete wants to make sure that his efforts result in a well-earned commission. Given his stated desire, predict which type of listing agreement Pete will insist on entering into with Cami. exclusive right-of-sale listing open listing exclusive-agency listing net listing
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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.
How is an offer accepted? Describe the rules for the manner of acceptance and its communi
Bill offers to sell his car to Tom for $9,000. Tom replies, “Your price is too high! I will offer to buy your car for $8,000.” Tom’s response is: A) a counteroffer B) a rejection of the original offer only C) the creation of a new offer only D) a refusal to deal.

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