In General, an Acceptance Occurs When

question 7

Multiple Choice

In general, an acceptance occurs when:

• A) a particular form of words is stated to the offeror.
• B) a particular mode of expression is made to the offeror.
• C) the offeree reserves the right to reject the offer.
• D) a clear expression of the offeree's agreement to be bound by the terms of the offer occurs.

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Definitions:

Variance

The average of the squared differences from the mean, providing a measure of how spread out numbers are.

Binomial Distribution

The binomial distribution is a probability distribution that summarizes the likelihood of obtaining a fixed number of successes in a fixed number of trials with a specific probability of success in each trial.

Expected Value

A statistical concept representing the average outcome of a random variable over a large number of experiments or trials.

Binomial Probability Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent values under a given set of parameters or conditions.