Which of the Following Elements Distinguishes the Lapse of an Offer

question 20

Multiple Choice

Which of the following elements distinguishes the lapse of an offer from the rejection of an offer?

• A) An option agreement cannot lapse but it may be rejected.
• B) Acceptance of an offer will be subject to rejection.
• C) A lapse requires communication of deliberate intent by the offeree.
• D) Acceptance has not occurred when an offer lapses.

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Definitions:

Record Keeping

The systematic process of organizing and maintaining documents, records, and information to ensure accuracy, accessibility, and compliance.

Composite Methods

Depreciation techniques that combine multiple assets into a single group or pool and apply a uniform depreciation rate to the collective group, irrespective of individual asset life.

Depreciation Expense

Distributing the expense of a physical asset throughout its serviceable duration.