Rahul Met Jones at a Street Corner and Made a Verbal

question 49

True/False

Rahul met Jones at a street corner and made a verbal offer to buy his canoe for $200. Jones replied that he would "think about it." Rahul nodded affirmatively. The two then went about their separate business. Later in the day, Rahul met Brown, who also had a canoe for sale, and Rahul offered to purchase Brown's canoe for $175. Brown agreed to sell Rahul his canoe. At 4 p.m. the same afternoon, after Rahul and Brown had made their arrangement, Jones telephoned Rahul to say he would accept Rahul's offer to buy his canoe. Rahul's offer to buy the canoe from Jones was a genuine expression of his intention to create a legal relationship.

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Definitions:

Decentralization

The distribution of decision-making power away from a central authority, allowing for more localized or divisional decision control.

Organization Structure

The arrangement of roles, responsibilities, and relationships within an organization, determining how information flows and decisions are made.

Chief Purchasing Officer (CPO)

A high-ranking executive responsible for managing an organization's procurement processes and policies.

Total Cost of Ownership

The comprehensive assessment of the direct and indirect costs and benefits related to the purchase of any capital investment, such as computer equipment, software, or systems.