When a Bilateral Contract Is Being Formed Under the Common

question 97

Multiple Choice

When a bilateral contract is being formed under the common law,________ applies to the acceptance.

• A)the doctrine of mutual exclusivity
• B)the equal dignities rule
• C)the mirror-image rule
• D)a unilateral promise
• E)an invitation to negotiate

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Definitions:

Lower Price

The reduction of cost or charge for a product or service, making it more affordable.

Performance Bond

A bond issued by a bank or insurance company that guarantees satisfactory completion of a project by a contractor, mitigating risk for the project owner.

Indemnified

means being protected or secured against financial loss or other liabilities, often through insurance or contractual agreement.

Specifications

Detailed and precise descriptions of the requirements for materials, products, or services, including technical details, standards, and quality criteria.