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JAMB Commerce 2007 Question 6

Question 6

Law of Contract

An announcement of a person's willingness to enter into a contract is referred to as

  1. A.a proxy
  2. B.an offer
  3. C.a consideration
  4. D.an acceptance.
Show the answer and explanation

Answer: B (an offer)

Explanation

An offer is a statement of willingness to be bound by a contract on stated terms if the other party accepts.