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On October 1,Allan mailed an offer to Bob to sell to Bob 1000 boxes of tin plates at a fixed price.The offer was received by Bob on October 11,and Bob immediately accepted the offer by telegram on October 11 and confirmed by letter on October 15.On October 8,Allan mailed a revocation of his offer,which was received by Bob on October 20.In this situation
Liquidation Price
The value at which assets are sold off quickly, typically under conditions of financial distress.
Renew
To extend the period of validity or operation of something, such as a contract or license.
Dissociate
To separate or remove oneself from a particular association, partnership, or relationship, especially in a legal or formal context.
Wound Up
Completing or finalizing affairs, often in the context of dissolving a company and distributing its assets.
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