A ________________ Is an Agreement by the Person Who Issues

question 26

Multiple Choice

A ________________ is an agreement by the person who issues the letter to pay a sum of money on receipt of an invoice and other documents.

• A) Letter of agreement
• B) Letter of credit
• C) Letter of acknowledgement
• D) Negotiated credit instrument
• E) Simple contract

---

Definitions:

Offeree

The person or entity to whom an offer is made, especially in the context of contract law.

Quasi-Contracts

Legal obligations created by courts where no true contract exists, to prevent unjust enrichment of one party at the expense of another.

Bilateral Contract

An agreement involving two parties where each side promises to perform a certain duty or pay a specified amount.

Negotiable Instruments

Financial documents that guarantee the payment of a specific amount of money, either on demand or at a set time, and are freely transferable from one party to another.