Why Is the Case of Dickinson V

question 22

Multiple Choice

Why is the case of Dickinson v. Dodds important?

• A) It confirms that contracts must be in writing to be valid.
• B) It says that property can be sold to two different purchasers.
• C) It clarifies that when an offeror says an offer will remain open, it must remain open.
• D) It illustrates the nature of an offer.
• E) It determines that offers, once made, can never be revoked.

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Definitions:

Costing Methods

Techniques used to determine the cost of a product or service, such as job costing, process costing, and activity-based costing.

Full Disclosure Principle

An accounting principle requiring that financial statements present all relevant information about the business's financial condition and performance.

FOB Shipping Point

A term used in shipping agreements indicating that the buyer is responsible for the goods and the cost of shipping as soon as the goods leave the seller's premises.

Goods In Transit

Items being transported from one location to another, which have not yet reached the recipient or destination point.