Under Common Law,a Contract Is Formed When the Notice of Acceptance

question 76

True/False

Under common law,a contract is formed when the notice of acceptance has been sent by the mode required by the other party under the mailbox rule.

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Definitions:

Decline

A decrease in the value or quantity of something.

EOQ Model

The Economic Order Quantity model is a formula used by businesses to determine the optimal order size that minimizes the total costs of holding and ordering inventory.

Ordering Cost

Ordering cost refers to the expenses incurred in placing and receiving orders from suppliers, including costs related to processing, shipping, and receiving.

Carrying Cost

Represents the total cost of holding a specific inventory over time, including storage, insurance, and spoilage costs.