Getting a Commitment from the Customer to Purchase Your Product

question 74

Multiple Choice

Getting a commitment from the customer to purchase your product is also known as

• A)asking for the bacon.
• B)closing the sale.
• C)wrapping it up.
• D)preparing for follow-up.
• E)handling reservations.

---

Definitions:

Consideration

In contract law, a basic requirement for an enforceable agreement under traditional contract principles, defined in this text as legal value, bargained for and given in exchange for an act or promise. In corporation law, cash or property contributed to a corporation in exchange for shares, or a promise to contribute such cash or property.

Capacity

The ability to incur legal obligations and acquire legal rights.

Offer

A proposal by one person to another that is intended to create legal relations on acceptance by the person to whom it is made.

Void Contract

A contract that has no legal force or effect and cannot be enforced by either party.