Introductory Business Law CLEP Prep Practice Exam

According to the Uniform Commercial Code, when a contract is made, what are the three criteria for a valid acceptance?

1. Legitimate, clear, and unambiguous

2. Legitimate, mutual, and complete

3. Legitimate, complete, and binding

4. Legitimate, mutual, and equitable

The correct answer is: Legitimate, clear, and unambiguous

A valid acceptance in a contract must meet three criteria according to the Uniform Commercial Code it must be legitimate, clear, and unambiguous. Option B is incorrect because mutual agreement, while important, is not one of the required elements for a valid acceptance. Similarly, option C is incorrect because while a contract must be complete, it does not necessarily have to be binding at the time of acceptance. Finally, option D is incorrect because equitable consideration is not one of the criteria for a valid acceptance.