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LAW 3220 CLEMSON EXAM 2 - QUESTIONS & SOLUTIONS $11.00 Add to Cart
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Download DocumentAcceptance
{Ans: The offeree's expression of agreement to the terms of the offer. The power of acceptance is created by a valid offer.}
Differentiate between a requirements contract and an output contract.
{Ans: Requirements contract: a contract in which the buyer agrees to buy whatever he needs from the seller during a set period and the buyer may buy only from that one seller.
Mailbox Rule
{Ans: Principle stating that the acceptance of an offer is effective upon dispatch of the acceptance via a commercially reasonable means and not when the acceptance is received by the offeree; governs common law contracts.}
Compensatory damages
{Ans: damages that are meant to make the injured party whole again. in contract law, they are an attempt to place the nonbreaching party in the position he would have been in had the contract been executed as agreed. also called direct or actual damages.}
recission
{Ans: Cancellation of a contract that occurs when both parties agree to discharge each other from all duties under the contract and end the agreement, no matter what has been done or left undone.}
Nominal damages
{Ans: }
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