Under Common Law, Which of the Following Is an Example

question 1

Multiple Choice

Under common law, which of the following is an example of a valid contract following the "mirror image" rule?

• A) Tibb offers to sell his bike to Rony for $10,000 and gives a written promise to keep the offer open for 10 days. Rony responds on the 11th day saying that he will pay $15,000 for the bike.
• B) Tibb offers to sell his bike to Rony for $10,000 and gives a written promise to keep the offer open for 10 days. Rony responds on the second day saying that he will pay $5,000 for the bike.
• C) Tibb offers to sell his bike to Rony for $10,000 and gives a written promise to keep the offer open for 10 days. Rony responds on the second day and accepts the offer along with the condition that Tibb gets the bike serviced.
• D) Tibb offers to sell his bike to Rony for $10,000 and gives a written promise to keep the offer open for 10 days. Rony responds on the second day accepts the offer with the proviso that Tibb fill the fuel tank.
• E) Tibb offers to sell his bike to Rony for $10,000 and gives a written promise to keep the offer open for 10 days. Rony responds on the second day saying that he is ready to accept the offer and that he would also like a helmet.

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Definitions:

Special Provisions

Specific clauses or terms added to agreements or contracts that tailor requirements or conditions to particular circumstances.

Consumption Tax

A consumption tax is a tax on the purchase of goods or services, levied at the point of sale, aimed at reducing consumption and raising revenues for governments.

Incentive

A factor, either monetary or non-monetary, that motivates individuals or entities to behave in a certain way.

Tax Evasion

The illegal practice of not paying taxes by individuals or businesses through various means, including underreporting income or inflating deductions.