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Which Statement Is Correct

question 22

Multiple Choice

Which statement is correct?


Definitions:

Verbal Agreement

An agreement made by spoken words which may be legally binding, though often harder to prove than written agreements.

Revocation

Withdrawal of an offer before acceptance (must be communicated to the offeree).

Counter-Offer

A proposal made in response to an original offer, differing in terms and thereby rejecting the original offer.

Offeror

The party in a contract negotiation who presents the offer to enter into an agreement.

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