When the Offeror Specifically States in the Contract That Acceptance

question 11

True/False

When the offeror specifically states in the contract that acceptance can be given by performing an act,direct verbal communication of acceptance is not needed to make the contract binding.

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Definitions:

Purely Competitive

A market structure characterized by a large number of sellers and buyers, homogeneous products, and free entry and exit from the market.

Maximizing Profit

The process by which a company determines the optimal level of production and pricing to achieve the highest possible profit.

Purely Competitive

Refers to a market structure characterized by a large number of buyers and sellers, where all firms offer identical products and there is free entry and exit.

Profit-maximizing Level

The output level at which a firm achieves the highest possible profit.