1. Solution: If the meeting time is x hours, then the distance between Party A and Party B is (120+80)xkm, then:

120x-80x= 140

x=3.5

In other words, the distance between the two places is:

3.5*( 120+80)=700km。

2. Solution: Assuming the meeting time is x hours, after the meeting, the bus will have to travel 45x kilometers to reach the second place.

Then: 55x-45x=80.

Answer: x=8 hours

It's ok to take the bus to B after meeting:

45x = 45 * 8 = 360km。