Which of the Following Is the First Step in the Contract

question 68

Multiple Choice

Which of the following is the first step in the contract formation process?

• A)Signing the agreement
• B)An offer in definite terms
• C)Selection of partners
• D)Drafting the agreement

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, designed to harmonize legal standards across states.

Substantial Interest

A significant stake or investment in a matter or entity, indicating a strong concern or potential influence on decisions.

Original Obligor

The party originally obligated to repay a debt or fulfill a contractual obligation before any assignments or transfers of the obligation.

Delegable Duty

A responsibility or duty that can be transferred or assigned from one party to another, often seen in contexts of employment or contractual agreements.