10. Which TWO of the following statements are correct? O A counter offer destroys the original offer O Acceptance may be expressed or inferred from conduct O An offer may be withdrawn once acceptance has taken place O An offeree is not allowed to withdraw their offer
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- Determine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.How would you explain to your client that you will not submit a preemptive offer on their behalf?17. Which of the following contracts is not governed by the rule on double sale? Group of answer choices Contract to sell Agency to sell Both a and b Neither a nor b
- The company except or reject the offerChoose the correct. Which of the following must be provided to every potential buyer of a new security?a. A letter of comments.b. A deficiency letter.c. A prospectus.d. A Form S–16.51. Which of the following is the proper legal remedy to be availed by the buyer if the seller committed a breach of contract of sale of specific thing by non-delivery of the subject matter to the buyer? Group of answer choices File an action for specific performance or exact fulfilment plus damages File an action for reformation of instrument plus damages File an action for annulment of contract of sale plus damages File an action for declaration of nullity of contract of sale plus damages
- Suppose Mylan could write an insurance contract whereby it is insured against all penalties resulting from misclassification. Would this affect their need to disclose? Group of answer choices No, because if they are fully covered, investors would find the loss contingency misleading since there is no receivable for the insurance Yes, because they would offset the loss contingency with a receivable which would net to zero No, because purchasing insurance does not relieve the purchaser of its obligation to make payments related to losses that result from risk. Yes, because it is impossible to insure loss contingencies6 Which is/are the adjustments necessary while admitting a new partner? a. Both Transfer of Undistributed Profit or loss and Accumulated reserves b. Transfer of Undistributed Profit or loss Only c. Transfer of Accumulated reserves Only d. None of the options are correct87. The seller in an auction sale employed a by-bidder or pupper who bid in behalf of the seller for the purpose of raising the auction price. The seller employed the said by-bidder or pupper without notice to the bidder. What is the possible effect of such non-notification committed by the seller to the perfected contract of sale by auction with the highest bidder? Group of answer choices a. It makes the contract of sale rescissible. b. It makes the contract of sale voidable. c. It makes the contract of sale unenforceable. d. It makes the contract of sale void.
- 92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalmentsWhy would a proposal not be accepted?Which of the following is not a category of risk response strategies? A. Acceptance. B. Reduction. C. Avoidance. D. Compliance.