Which of the following is NOT a doctrine used to decide when or whether an acceptance occurred?
Correct Answer
D) The liquidated damages clause
Acceptance doctrines all answer one question: at what moment, if ever, did the offeree's assent create a contract. The mailbox rule times acceptance at proper dispatch, the mirror image rule denies acceptance to a response that changes the offer's terms, and lapse ends the offeree's power to accept when the stated period expires. A liquidated damages clause operates only after a contract exists, fixing in advance what a defaulting party owes, so it has nothing to say about formation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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