Give an account of the express terms that are parts of an offer
What will be an ideal response?
The terms of an offer must be clear enough for the offeree to be able to decide whether to accept or reject the terms of the offer. To be considered definite, an offer generally must contain the following terms: 1. identification of the parties, 2. identification of the subject matter and quantity, 3 . consideration to be paid, and 4. time of performance. Complex contracts usually state additional terms. Most offers and contracts set forth express terms that identify the parties, the subject matter of the contract, the consideration to be paid by the parties, and the time of performance, as well as other terms of the offer and contract. If the terms are indefinite, the courts usually cannot enforce the contract or determine an appropriate remedy for its breach.
You might also like to view...
According to the neoclassical theory, the sole purpose of a firm is to manage resources according to the societies' interests
Indicate whether the statement is true or false
Jenny is an officer of a corporation. She made a difficult business decision. When challenged about her decision, the court ruled she had acted in good faith and that the business judgment rule applied. As such A) Jenny will not be held personally liable for any harm her decision has caused the company
B) Jenny's decision will be reviewed by a court. C) Jenny is immune from a lawsuit. D) Jenny must resign from the board.
Which of the following is true of bankruptcy petitions? A) Involuntary petitions require petitions from a minimum of two creditors
B) A creditor's claims must not be subject to a valid dispute. C) ?A creditor's claims can be contingent. D) ?Voluntary petitions cannot be filed by farmers.
Adjusting entries are designed primarily to correct accounting errors.
Answer the following statement true (T) or false (F)