Identify the Correct Statement About Common-Law Contracts

question 56

Multiple Choice

Identify the correct statement about common-law contracts.

• A)Common-law governs contract between merchants and the sale of goods.
• B)If all elements of common-law contract formation exist,then the contract is voidable.
• C)All common-law contracts are bilateral.
• D)Offer and consideration together form mutual assent.
• E)The acceptance must be precisely the same as the offer.

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Definitions:

Net 45

A payment term indicating that the full payment is due 45 days after the invoice date.

Order Costs

Expenses related to placing an order for goods or services, including production or acquisition and delivery costs.

Carrying Cost

Expenses associated with holding inventory, including storage, handling, insurance, and opportunity costs.

Annual Demand

The total quantity of a product or service that consumers are willing and able to purchase in a given year.