An Offer Can Be Revoked

question 24

Multiple Choice

An offer can be revoked

• A) if it was made under seal.
• B) if it is contained in an option.
• C) within a reasonable time of acceptance.
• D) if it was a firm offer.
• E) as long as the offeror communicates that intention to a judge.

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Definitions:

Average Inventory

An estimation of the value of inventory over a certain time period, typically calculated by averaging the inventory levels at the beginning and end of the period.

Ending Inventory

The cumulative value of goods prepared for sale by the end of a bookkeeping period.

Beginning Inventory

The value of all the goods available for sale by a company at the start of an accounting period.

Average Inventory

The mean value of inventory over a certain period of time, calculated to help businesses understand inventory levels and cost of goods sold.