Under Which of the Following Situations Does an Offer Immediately

question 3

Multiple Choice

Under which of the following situations does an offer immediately terminate?

• A) Revocation
• B) Revocation and rejection
• C) Death or incapacity of the offeror or illegality
• D) Revocation and death or incapacity of the offeror
• E) Illegality or lapse of time

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Definitions:

Unlimited Liability

A legal structure in which owners are personally responsible for all of the company's debts and liabilities without limit.

Limited Liability

A legal structure where a company's owners are protected from personal liability for the company's debts or liabilities.

Limited Liability

Refers to a legal structure where a company's owners are not personally liable for the company's debts or liabilities.

Sole Proprietorship

A business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.