CIPS L3M3 Exam - Topic 1 Question 14 Discussion

Actual exam question for CIPS's L3M3 exam

Question #: 14
Topic #: 1

[All L3M3 Questions]

'Agreement' is composed of:

AOffer and consideration

BOffer and acceptance

CCapacity and consideration

DCorrect form and acceptance

Show Suggested Answer

Suggested Answer: B

Equilibrium price.

The closing price is the price at the end of the day when the market closes.

The other 'prices' shown are nonsense.

by Xuan at Jul 03, 2024, 09:12 AM

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Carin

7 months ago

I disagree, I think D has a point about correct form!

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Pearly

8 months ago

B is the standard definition in contract law.

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Chantell

8 months ago

Wait, is it really just B? That seems too simple.

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Desmond

8 months ago

I thought it was A at first, but B makes more sense.

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Broderick

8 months ago

It's definitely B, offer and acceptance!

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Helga

9 months ago

I feel like I’ve seen a question where capacity was mentioned, but I can’t recall if it’s part of the agreement definition.

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Lea

9 months ago

I practiced a question similar to this, and I think it was about offer and consideration, but now I’m doubting if that’s the whole picture.

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Virgina

9 months ago

I remember something about consideration being important, but I’m not sure if it’s just that or if acceptance is also needed.

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Billi

9 months ago

I think 'agreement' is mainly about offer and acceptance, so I’m leaning towards B.

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Milly

9 months ago

Okay, let me walk through this step-by-step. I believe the correct answer is B, offer and acceptance.

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Bambi

9 months ago

I'm not totally confident on this, but I think the key elements are offer and consideration. Let me double-check that.

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Haydee

9 months ago

Offer and acceptance, that's the classic definition of agreement. Easy peasy!

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Dell

9 months ago

Hmm, I'm a little unsure on this one. I'll have to think it through carefully.

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Benton

9 months ago

This one seems straightforward - I'm pretty sure the answer is offer and acceptance.

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Annice

9 months ago

Wait, I'm a little confused about the "business plane" and "management plane" concepts. I'll need to re-read that part carefully.

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Lashandra

9 months ago

I think a remainder interest might be eligible, but I'm not certain about the testamentary gift in trust. It feels like I came across a question like this before.

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Dana

10 months ago

Hmm, this looks like a tricky one. I'll need to carefully read through the code and think about how the `find()` function works with a `map`.

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Franchesca

1 year ago

Offer and acceptance, got it. Although I'm more of a 'pinky promise' kind of person when it comes to sealing the deal.

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Miriam

1 year ago

Wait, I thought agreements were made with handshakes and a good firm grip. This multiple-choice stuff is making my head spin!

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Rosendo

1 year ago

D) Correct form and acceptance sounds a bit too formal to me. I'm going with B) Offer and acceptance.

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Terrilyn

1 year ago

I believe D) Correct form and acceptance is necessary for a valid agreement.

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Buffy

1 year ago

I'm not sure about C) Capacity and consideration, can you explain?

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Margurite

1 year ago

I think A) Offer and consideration is also important in an agreement.

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Ciara

1 year ago

I agree, B) Offer and acceptance seems like the right choice.

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Leatha

1 year ago

Hmm, I was leaning towards A) Offer and consideration, but now I'm not so sure. Maybe I should double-check my notes.

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Edelmira

1 year ago

C) Capacity and consideration are important, but not the main elements of agreement.

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Alyssa

1 year ago

B) Offer and acceptance is also a key component of agreement.

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Howard

1 year ago

A) Offer and consideration is correct. You should trust your initial instinct.

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Osvaldo

1 year ago

I think the correct answer is B as well. Offer and acceptance are the key components that make up an agreement.

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Ivette

1 year ago

That's right, offer and acceptance are the basic elements of forming a contract.

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Helene

1 year ago

Yes, without offer and acceptance, there can't be a valid agreement.

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Lottie

1 year ago

I agree, offer and acceptance are essential for an agreement.

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Matthew

1 year ago

I'm pretty sure the answer is B) Offer and acceptance. That's the basic structure of a valid agreement, right?

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Fernanda

1 year ago

That's right. Offer and acceptance are essential elements of a valid agreement.

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Gracia

1 year ago

Yes, you're correct. An agreement is formed when there is an offer made by one party and acceptance by the other party.

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Tricia

1 year ago

I'm not sure, but I think it might be A) Offer and consideration.

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Scarlet

1 year ago

I agree with Fredric, because without acceptance, there can't be an agreement.

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Fredric

1 year ago

I think the answer is B) Offer and acceptance.

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