Business Law Study Guide Questions And Correct Answers

mailbox rule {Ans: a rule that states that an acceptance sent via the postal system of by courier is effective when sent}The parties should express clearly {Ans: in a understandable language.}UCC also provides that {Ans: UCC also provides that "additional (or different) terms are to be construed as proposals for addition to the contract, and between merchants, become part of the contract... unless the offer expressly limits acceptance to the terms of the offer, they material alter it; or notification of objection to them... is given within a reasonable time after (they) are received"}contract {Ans: a legally enforceable agreement that is created when two or more competent parties agree to perform, or to avoid performing certain acts that they have a legal right to do and that meet certain legal requirements}revocation {Ans: the calling back of an offer by the offeror before the offer has been accepted or rejected}only the minor {Ans: in contracts between a minor and a competent person, ____ has the privilege of disaffirmace}