According to the Restatement, If No Mode of Communication Is

question 27

Multiple Choice

According to the Restatement, if no mode of communication is specified in the offer, then ________.

• A) the offer is invalid
• B) the acceptance is valid, but only if made within a month
• C) the acceptance cannot be valid
• D) any reasonable means of acceptance is valid
• E) there must be a written acceptance of the offer to be valid

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Definitions:

Perfectly Inelastic

A market condition where the quantity demanded or supplied does not change in response to price changes.

Deadweight Loss

An economic inefficiency that occurs when the total welfare in a market is not maximized, resulting from distortions such as taxes, subsidies, or monopolies.

Excise Tax

A tax imposed on specific goods, services, or activities, often included in the price of products like tobacco, alcohol, and fuel, designed to discourage their use or generate revenue.

Perfectly Inelastic

A market condition where demand does not change regardless of changes in price.