Will Makes an Offer to Ike, but Before Ike Can

question 64

Multiple Choice

Will makes an offer to Ike, but before Ike can accept, the state legislature passes a law that makes Will's offer illegal.The new statute:

• A) automatically terminates the offer.
• B) has no effect on the offer.
• C) acts as a condition on the offer.
• D) acts as a rejection of the offer by the offeree.

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Definitions:

Article of Partnership

A written agreement that outlines the terms, conditions, and responsibilities of each partner in a partnership.

Partnership Contract

A legal agreement between two or more parties who wish to manage and operate a business together in order to share its profits.

Public Corporations

Companies owned by the government that operate with the aim of serving the public interest and often have publicly traded shares.

Divested Corporations

Companies that have sold or disposed of a business unit or division to refocus their operations or strategies.