In a Contract for the Sale of Land,how Close Must

question 18

Multiple Choice

In a contract for the sale of land,how close must the terms of the acceptance be to the terms of the offer,in order to form a contract?

• A) They must be identical or almost identical.
• B) They must agree on the major terms of the transaction.
• C) They must indicate a definite intent to form a contract.
• D) They must be identical only with regard to the price quoted.

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Definitions:

Market Value Method

A valuation technique that determines the price an asset would fetch in the marketplace or the value of a company based on the current market price of its shares.

Convertible Bonds

Bonds that can be converted into a predetermined number of the issuing company's shares.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, which are a set of rules and standards for financial reporting.

Interest Expense

The cost incurred by an entity for borrowed funds, representing the interest payments due on any type of debt, including loans, bonds, and lines of credit.