Examlex
Which of the following is the correct way to describe equilibrium in a market?
Contractual Obligations
Legally binding promises or duties agreed upon by parties within a contract, necessitating performance or restraint from certain actions.
Counteroffer
A response to an offer in negotiations that makes modifications to the initial offer.
Common Law
Common Law is a body of unwritten laws based on legal precedents established by the courts.
Mirror Image
A rule in contract law stating that an offer must be accepted exactly with no modifications; the acceptance must "mirror" the offer.
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