OFFERINGS AND AGREEMENTS ACTUAL
EXAM SCRIPT 2026 FULL QUESTIONS AND
CORRECT ANSWERS GRADED A+
●● Bilateral Contract. Answer: Binding agreement created by an offer
that is accepted by a promise of performance.
●● Contract. Answer: A unilateral or bilateral agreement that is legally
effective and enforceable in court.
●● Counteroffer. Answer: Response by offeree, with new terms, which
ends the original offer.
●● Firm Offer. Answer: A contractual proposal in writing, signed by a
merchant, and stating how long it is to stay open.
●● Mirror Image Rule. Answer: Requirement that the terms in an
acceptance exactly match the terms in the offer.
●● Offer. Answer: Is a proposal by and offeror to do something,
provided the offeree does or refrains from doing something in return.
●● Offeree. Answer: Party to whom an offer is made.
EXAM SCRIPT 2026 FULL QUESTIONS AND
CORRECT ANSWERS GRADED A+
●● Bilateral Contract. Answer: Binding agreement created by an offer
that is accepted by a promise of performance.
●● Contract. Answer: A unilateral or bilateral agreement that is legally
effective and enforceable in court.
●● Counteroffer. Answer: Response by offeree, with new terms, which
ends the original offer.
●● Firm Offer. Answer: A contractual proposal in writing, signed by a
merchant, and stating how long it is to stay open.
●● Mirror Image Rule. Answer: Requirement that the terms in an
acceptance exactly match the terms in the offer.
●● Offer. Answer: Is a proposal by and offeror to do something,
provided the offeree does or refrains from doing something in return.
●● Offeree. Answer: Party to whom an offer is made.
