Wes,who Is an Art Collector,offered to Buy a Print from Le

question 75

Multiple Choice

Wes,who is an art collector,offered to buy a print from Le Monde Gallery.Le Monde balked at the price,sending Wes a letter of rejection.That day it discovered that the print was not as highly valued as originally thought.Le Monde immediately telephoned Wes to accept his offer.Is there a contract?

• A) Yes,since the acceptance was received before the rejection
• B) No,because the rejection was effective upon dispatch
• C) No,because the rejection terminated the offer
• D) Yes,because the acceptance is always effective upon dispatch

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Definitions:

Federal Securities Regulation

The body of federal law governing the creation, distribution, and sale of securities, enforced by the Securities and Exchange Commission.

Proxy Solicitations

A process in which shareholders are formally requested to allow someone else to vote on their behalf in corporate decisions.

Tender Offers

Public offers made by a person or entity to purchase a significant percentage of a company's shares or bonds.

Cash-Out Combinations

Business transactions where shareholders of a company being acquired or merged are paid in cash instead of receiving shares of the acquiring or merging entity.