Which of the Following Provides That an Acceptance Is Valid

question 56

Multiple Choice

Which of the following provides that an acceptance is valid when it is placed in the mailbox?

• A) The Acceptance Rule
• B) The Contract Rule
• C) The Reasonable Rule
• D) The Mailbox Rule
• E) The Contract Legality Rule

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Definitions:

Shipment Contract

A type of contract specifying that the seller is obligated to send the goods to the buyer, but the risk of loss passes to the buyer when the goods are duly delivered to the carrier.

Tender Of Delivery

A requirement that a seller/lessor have and hold conforming goods at the disposal of the buyer/lessee and give the buyer/lessee reasonable notification to enable him or her to take delivery.

Risk Of Loss

A provision in contracts determining who bears the risk for damage to goods after purchase but before delivery.

Indemnification

A financial agreement in which one party agrees to cover the losses or damages incurred by another.