If No Means of Communicating an Acceptance Is Specified in an Offer

question 17

Multiple Choice

If no means of communicating an acceptance is specified in an offer, which of the following is generally true?

• A) The acceptance must be in writing.
• B) The acceptance must be made verbally either by telephone or in person.
• C) No valid contract may be entered into because the offer must specify a means by which to accept.
• D) Acceptance may be made by any reasonable means.
• E) Acceptance must be made orally or in writing within twenty-four hours.

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Definitions:

Perfect Competitor

A theoretical market structure where many buyers and sellers exchange identical products, and no single entity can influence the market price.

Long Run

A period in economics during which all factors of production and costs are variable, allowing for the full adjustment to changes.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.

Making a Loss

Making a loss occurs when a business's total expenses exceed its total revenues during a specific period, indicating that the business is not financially profitable.