Business Law And Ethics Final Study Guide Graded A+

What terminates the power of acceptance? {Ans: A communicated rejection}What is the moment of mutual assent called by contract law? {Ans: "meeting of the minds"}Materiality? {Ans: The fact (or term) must be material to the contract. This means it would likely induce a reasonable person to manifest assent or the make knows that it would be likely to induce the recipient's assent.}where does contract law come from {Ans: common law}When does the offer terminate of the offeror does not state the duration of the contract? {Ans: after a reasonable amount of time}when does the rule that an acceptance is effective when dispatched (sent) not apply {Ans: in cases in which the offer mandates that the acceptance must be received by the offeror}