Under the Code,as Long as an Offeree's Response Indicates a Sincere

question 85

True/False

Under the Code,as long as an offeree's response indicates a sincere willingness to accept,it will be an acceptance although the terms of the acceptance may be somewhat different.

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Definitions:

Financial Lease

A long-term lease agreement where the lessee assumes both the rights and risks of asset ownership, effectively treating it as a purchase for accounting purposes.

Cancellable Without Penalty

This term refers to an agreement or contract that can be ended or cancelled without any financial penalties being incurred by the party seeking to terminate the agreement.

Financial Lease

A long-term, non-cancellable lease contract where the lessee is responsible for maintenance and has the option to acquire ownership at the end of the lease term.

Capital Lease

A lease agreement that allows a lessee to effectively purchase an asset over time through lease payments, characterized by the transfer of ownership rights of the asset from the lessor to the lessee.