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Question: If a property insurance agent knocks on the door of I.M. Covered, explains the contract, and receives a check for the policy that is cashed the following day. Which one of the following most closely has occurred?

Options:

  1.  Offer, acceptance, consideration
  2.  Offer, counter offer, acceptance
  3.  Offer, consideration, subrogation
  4.  Offer, acceptance
  5.  Rejection, dejection, ejection

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Best answer

1. Offer, acceptance, consideration

If a property insurance agent knocks on the door of I.M. Covered, explains the contract, and receives a check for the policy that is cashed the following day.

"Offer, acceptance, consideration" has occurred.

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