Jeb Submits a Bid to Construct a Student Union Building

question 13

Multiple Choice

Jeb submits a bid to construct a student union building for the local community college. He realizes after submitting the final bid that he forgot to include the cost of the window casings for the entire building. He may:

• A) revoke his bid at any time.
• B) not revoke his bid due to the statutory irrevocability of the bid.
• C) reject the offer of the college to build the student union when the college chooses his bid because it is the lowest.
• D) refuse, based on the windfall theory, to put in the window casings even if they were part of the bid specifications put out by the college.

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Definitions:

Personally Liable

The responsibility of an individual to pay a debt or fulfill an obligation from their own assets, not just the assets of a business or an entity they represent.

Capital Investment

Funds invested in a business venture with the expectation of generating income or profit.

Close Corporation

A corporation whose shares of stock and managerial control are closely held by fewer than 50 shareholders (often members of the same family) or by one person.

Shareholders

Individuals or entities that own shares in a corporation, giving them certain rights such as voting on corporate matters.