An Offer Is Automatically Terminated When It Is Rejected by an Offeror

question 14

True/False

An offer is automatically terminated when it is rejected by an offeror.

Recognize the importance of adhering to professional standards and the consequences of failing to do so.

Identify the elements required to establish a case of negligence against a professional, including duty of care, breach of duty, and the necessity of showing injury.

Understand the concept of privity in professional liability and how it affects the ability of third parties to recover damages.

Grasp the implications of fraud in professional practice, including both actual and constructive fraud.

---

Definitions:

Deadweight Losses

A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable.

Deadweight Loss

The dip in economic performance due to the non-achievement or the impracticality of achieving the market balance for a good or service.

Government Programs

Initiatives and schemes developed and introduced by the government aimed at improving the welfare of its citizens, which can include healthcare, education, and social security among others.

Deadweight Loss

An economic inefficiency that occurs when the total amount of losses in welfare or surplus exceeds the gains, often due to taxes or monopolies.