​ on June 13,2016,Brock Adams Wrote to Julie Beckham

question 155

Multiple Choice

​ On June 13,2016,Brock Adams wrote to Julie Beckham:
​"I offer to sell you my home (legal description appeared here) for $425,000.Sale to close by September 15,2016.Offer must be accepted by fax no later than 4:00 PM on June 15,2016."
​Julie sent a fax accepting the offer at 3:36 PM on June 15,2016.Because Brock's fax machine was not working,the fax did not come through until 8:00 PM on June 15,2016,after Brock had the fax repaired.
​Which of the following statements is true?

• A)​There is no contract because the acceptance was too late.
• B)​There is no contract because you cannot accept an offer for real estate via fax.
• C)There is a valid contract that has been formed.
• D)The mailbox rule does not apply when the acceptance is specified.

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Definitions:

Dissonance Reduction

The process of reducing psychological discomfort by rationalizing or changing one's attitudes or beliefs to be more consistent with one's actions.

Justification of Effort

The tendency to attribute a higher value to outcomes that require a greater amount of effort to achieve.

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have foreseen it, also known as the "I-knew-it-all-along" effect.

Overestimate

To assess something as greater, larger, or more important than it actually is.