Which of the Following Is True When an Offer Authorizes

question 55

Multiple Choice

Which of the following is true when an offer authorizes a certain mode of acceptance but does not require it, and an offeree attempts to accept the offer through a method other than the authorized means?

• A) The acceptance becomes a counteroffer that the original offeror may or may not accept.
• B) There is no contract, and the attempted acceptance is of no effect.
• C) There is a contract only if the acceptance is received by the time that acceptance through the authorized means would have been received.
• D) The contract is not formed until the acceptance is received by the offeror.
• E) Authorizing but not requiring a certain type of acceptance has no effect, and the mailbox rule applies.

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Definitions:

Loan Period

The duration of time from the initiation of a loan to its final due date, within which the borrower is expected to repay the borrowed amount along with interest.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual percentage rate.

Economic Resource

Assets, materials, or inputs used to produce goods and services and satisfy human wants, including land, labor, capital, and entrepreneurship.

Capital

Man-made physical objects (factories, roads) and intangible ideas (the recipe for cement) that do not directly satisfy human wants but which help to produce goods and services that do satisfy human wants; also called capital goods. One of the four economic resources.