ID: A Which of the following would be considered valid offers, enabling the offe
ID: 1126351 • Letter: I
Question
ID: A Which of the following would be considered valid offers, enabling the offeree to form a contract through acceptance? a. An advertisement. b. 40. A letter of intent where the offeree states that it is a firm offer (meaning no roomfor negotiation), c An invitation to offer d. All of the above are correct The contractual element of Consideration: 41· a must be present in every contract b. requires that each party to a contract receive some benefit and suffer some detriment c. can be anything that someone might want to bargain for d. All of the above are correct 42. A provision in a contract whe the time of entering into the contract is called? a. Accord and Satisfaction b.Promissory Estoppel. c.Liquidated Damages Clause. d. Unilateral Promise ere the parties attempt to determine the amount of their damages for breach at 43. U nder a Chapter 11 bankruptcy petition, how many days is the debtor allowed to present an acceptable plan a. 15 days. b. 90 days. c. 120 days d. 180 days. Which type of corporation allows for only one class of stocks and a limit of 75 shareholders? a. 44. Any standard corporation. C. S" d. Limited Liability Company A gift of personal property given in expectation of imminent death is known as? a. an inter vivos gif. b. a causa mortis gift. c. a bailment. d. none of the above are correct 45. 46. Commercial Impracticability means Something has happened making it utterly impossible to fulfill the promise. a. a party from performing a contractual duty, because it would cause extreme difficulty Some event has occurred that neither party anticipated, and the contract now has no value for one party d. None of the above are correct. a. An invitation to bargain. c. An act proposing definite terms and permitting the other party to create a contract by 47. Which of the following is generally a valid offer? accepting those terms All of the above. d.Explanation / Answer
40 b. Advertisments and invitation to offer to not form legal binding contracts. An offer must be capable of creating a legal relationship and have definite terms and conditions.
41. a. Consideration must be present in every contract. It is an essential element of a contract. It is exchange of something of value between both parties.
42. C. Liquidated damages clause
43. C. 120 days. It is 180 days for a small business debtor.