Question

1. Explain the meaning of the following a. Offer b. Acceptance c. Consideration d. Privity of...

1. Explain the meaning of the following
a. Offer
b. Acceptance
c. Consideration
d. Privity of contract
Minimum 450 words
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

a. Offer

Present something for someone to accept or avoid as wished. Example when we purchase certain goods sellers used to give some offers like discounts,coupens etc. Here the seller gives us something so that is offer.

b. Acceptance

Permission to get or receive something offered. Example we used to get acceptance letter from institutions. That means they are permitting us for something.

c. Consideration

Careful thought about something for a particular period of time. Example we used to give a careful thought about our kids . That means we are considering them and care them.

d. Privity of contract

It is a contract law which conveys that contracts are joining the parties to a contract and the other party can not enforce the contract.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. Explain the meaning of the following a. Offer b. Acceptance c. Consideration d. Privity of...
1. Explain the meaning of the following a. Offer b. Acceptance c. Consideration d. Privity of contract
Not every contract is enforceable. In other words, you may have an offer, acceptance, and consideration...
Not every contract is enforceable. In other words, you may have an offer, acceptance, and consideration and there is still an issue.  Find a contractual case where there is an offer, acceptance, and consideration but the courts will not enforce the agreement in whole or in part.  Summarize your case.  Was the case void, voidable?  What is the difference?
Choose a, b, c or d 1. For a communication to be an offer, a. It...
Choose a, b, c or d 1. For a communication to be an offer, a. It must be addressed to one or more specific persons. b. It must describe the goods and state or provide a means for determining thier quantity. c. It must state or provide a means for determiing the price d. Both a and b above 2. For an offer to be irrevocable (i.e, to make it a "firm offer"), a. The offeror must state or imply...
A counter offer: Select one: a. is always a valid form of acceptance b. is not...
A counter offer: Select one: a. is always a valid form of acceptance b. is not a valid acceptance c. is valid acceptance under some circumstances This is related to business law.
In your own words, explain the meaning of the following terms: a- Transverse waves b- Longitudinal...
In your own words, explain the meaning of the following terms: a- Transverse waves b- Longitudinal waves c- Standing waves d- Shock waves
1) Which of the following is not a requirement for an offer to be effective? Select...
1) Which of the following is not a requirement for an offer to be effective? Select one: a. The offeror must have a serious intention to become bound by the offer. b. The terms of the offer must be reasonably certain, or definite, so that the parties and the court can ascertain the terms of the contract. c. The offer must be communicated to the offer. d. They are all required for an offer to be effective. 20 Which of...
QUESTION 1 Which one of the following would NOT be necessary for an offer to have...
QUESTION 1 Which one of the following would NOT be necessary for an offer to have legal standing? A. The language must reflect the intent to become a party to a contract. B. All of the conditions under which the offer would be terminated must be identified. C. All the significant terms and/or conditions must be contained in the offer. D. The offer must be effectively communicated to the other party. 3 points    QUESTION 2 Which one of the...
40. Does a counter proposition enjoy the same rights of withdrawal (before acceptance) as the original...
40. Does a counter proposition enjoy the same rights of withdrawal (before acceptance) as the original offer to purchase? A. Yes, it is a new offer                                                                                 C. Only after 3 days B. No, it was rejected by the seller                                                      D. Only after 5 days                                                                            41. Mary just listed her neighbor’s property. What kind of contract does her brokerage have with them? A. Listing agreement                                                     C. Contract for deed B. Buying agreement                                                 D. Installment contract 42. Who are the principal...
BUSINESS LAW 1-CONTRACTS 6.         To accept an offer, an offeree’s acceptance can differ from the terms...
BUSINESS LAW 1-CONTRACTS 6.         To accept an offer, an offeree’s acceptance can differ from the terms offered as long as the offeror still gets most of what he or she asked for.             a. True             b. False 7.         The only responses to an offer that have a legal effect are rejection, acceptance, and counter offers.             a. True             b. False
1.   S offered to sell his house and lot to B for P2,000,000, who was interested...
1.   S offered to sell his house and lot to B for P2,000,000, who was interested in buying the same. In his letter, S stated that he was giving B a period of one-month within which to raise the amount. One week before the expiration of the one-month period. S told B that he is no longer willing to sell the property unless the price is increased to P3,000,000. May B compel S to accept the P2,000,000 first offered? Explain....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT