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ACCA Specimen exam question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › ACCA Specimen exam question

  • This topic has 5 replies, 2 voices, and was last updated 1 month ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • June 24, 2022 at 5:33 am #659236
    kamran.khan
    • Topics: 9
    • Replies: 6
    • ☆

    Which of the following can be accepted so as to form a binding contract?

    A quotation of price
    A statement of intent
    An agreement to enter into a future contract
    A supply of information

    Hi Mike, above is taken from the specimen exam from ACCA website. It says the option 1 is correct i.e. A quotation of price. How? we learnt that the quotation is the intent to bind the contract and is an offer. How the option 1 is correct answer then?

    June 24, 2022 at 9:20 am #659245
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22588
    • ☆☆☆☆☆

    Kamran, you appear to have developed the skill of finding really tricky questions to task my knowledge

    I suppose that ‘A quotation of price’ COULD be accepted in order to form a binding contract but I could equally accept that ‘A quotation of price’ is merely the giving of information in response to a question about price and not, therefore, an offer capable of acceptance

    When faced with a question lie this, I believe that my inclination would be to eliminate other options that are clearly wrong

    For example:

    A statement of intent is clearly not an offer capable of acceptance, because such a statement is merely indicative of a person’s mind at that particular time … and may not even be a correct reflection of that person’s thinking

    An agreement to enter into a future contract is another way of saying ‘an agreement to agree in the future’ and, in English law, that’s not an acceptable proposition

    So that leaves us with ‘a supply of information’ and that too is not an offer capable of acceptance

    So, almost reluctantly, I’m left with ‘a quotation of price’ as being the only possible viable answer

    ….

    but I don’t like it!

    OK?

    June 24, 2022 at 9:26 am #659247
    kamran.khan
    • Topics: 9
    • Replies: 6
    • ☆

    Thank you Mike. I am sure you resolve any tricky thing very easily. As you always does. Salute !

    June 24, 2022 at 8:42 pm #659261
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22588
    • ☆☆☆☆☆

    You have no idea of the mental athleticism that you are imposing on me 🙂

    June 25, 2022 at 11:38 am #659274
    kamran.khan
    • Topics: 9
    • Replies: 6
    • ☆

    Same is the case here Mike. Exam is scheduled on 29th and mental marathon is going on here

    June 25, 2022 at 3:56 pm #659283
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22588
    • ☆☆☆☆☆

    Just keep it ticking over – don’t overdo it – see if you can manage, say, 2 hours each day in 4 x half hour sessions. You should be fine … and let me know how you get on

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