Under Common Law, Additional Terms in the Acceptance of a Offer

question 58

True/False

Under common law, additional terms in the acceptance of a offer are considered a counteroffer.

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Definitions:

Income-Sharing Ratio

An agreed upon proportion used to distribute profits or losses among partners in a partnership.

Limited Liability Company

A corporate model that integrates the flow-through taxation characteristic of partnerships and sole proprietorships with the protective limited liability found in corporations.

Business Entity

A legal organization created by individuals, stockholders, or shareholders, with the purpose of operating for profit.

Partnership Form

A type of business organization in which two or more individuals manage and operate the business in accordance with the terms and objectives set out in the Partnership Deed.