An Offer Is

question 92

Multiple Choice

An offer is:

• A) a suggestion of a price for a good or service
• B) a legally binding price for a good or service
• C) an unofficial suggestion of a promise
• D) a promise to do something or to refrain from doing some specific thing
• E) a refusal to promise to do something or to refrain from doing some specific thing

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Definitions:

Preexisting Duty

A promise to do something that one is already obligated to do. It is not considered valid consideration.

Unforeseen Circumstances

Events or situations that could not have been predicted and often cause a change in plans or necessitate a response.

Illusory Promise

An illusory promise is a statement that resembles a promise but does not actually commit the speaker to any action or obligation, making it unenforceable as a contract.

Preexisting Duty

An obligation that a party is already legally required to perform, which cannot serve as valid consideration for a new contract.