Which of the Following Statements Is True of a Legal

question 17

Multiple Choice

Which of the following statements is true of a legal offer?

• A) The offer must be communicated to the party intended by the offeror.
• B) Industry custom and prior dealings are irrelevant when determining whether the terms of the offer are definite.
• C) Courts consider what was in the person's mind when entering the contract.
• D) The contractual process ends with the legal offer.

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Definitions:

Inventory Carrying Costs

Inventory carrying costs include the total expenses associated with holding and storing unsold goods, such as warehousing, insurance, depreciation, and opportunity costs.

Disintermediation

Elimination of intermediaries, such as distribution centers, in the delivery of products from a producer to a consumer.

Distribution Centers

Facilities that store and distribute a company's inventory to retail locations or directly to customers.

Value Chain

A model that outlines the series of activities that add value to a company's products or services, from conception to delivery and beyond.