When Can an Offeror Who Has Promised to Keep the Offer

question 67

Multiple Choice

When can an offeror who has promised to keep the offer open to a specific date, be able to validly withdraw their offer before that date?

• A)The offeror gives a reasonable explanation for his decision to withdraw the offer
• B)At any time so long as the other party had not paid for an option to keep it open
• C)They would not be allowed to just withdraw the offer
• D)The offeror does not intend to make a new offer concerning the same subject matter to any other person for a greater consideration
• E)They can only withdraw it if a reasonable time has passed or a set date was set to revoke the offer

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Definitions:

Budgeting

A financial planning process whereby individuals or entities estimate their expected incomes and expenditures over a defined period.

Activity Variance

Activity variance calculates the difference between the planned quantity of activity and the actual quantity, analyzing the impact on costs and operational efficiency.

Direct Labor

The wages and benefits paid for the labor directly involved in the production of goods or services.

Budgeting

The method of devising a strategy for allocating your finances, detailing an entity's economic and functional objectives.