Between merchants, what is the affect of an acceptance that includes additional terms without expressly making the contract subject to the offeror's agreeing to those terms?
The additional provisions in the acceptance automatically become part of the contract, unless (1) the offer expressly limits acceptance to the terms of the offer, (2) the new terms materially alter the original offer, or (3) the party making the original offer notifies the other party within a reasonable time that it objects to the new terms. If any one of these exceptions applies, the additional terms serve as proposals requiring the express consent of the offeror to become part of the contract.
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An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided that:
A. responsibility for the adequacy of the procedures performed is taken by the accountant. B. the prospective financial statements also are examined. C. negative assurance is expressed on the prospective financial statements taken as a whole. D. distribution of the report is restricted to the specified users involved.
Which of the following is not an estimate that requires significant auditor judgment and skepticism?
a. Obligations for pension plans. b. Valuation of goodwill. c. Allowance for bad debt. d. Common stock and related additional paid-in capital.
Disintermediation ______.
A. is used to prevent information distortion in a supply chain B. refers to a downstream supply chain member selling directly to an upstream supply chain member C. is one method to avoid or reduce seasonality of demand D. is when a supplier of raw materials sells products directly to the end consumer
The stockholder's report includes ________
A) an estimated interest cost report B) an estimated dividend report C) a break-even sales report D) a statement of retained earnings