When an Offer Has Been Accepted

question 42

Multiple Choice

When an offer has been accepted:

• A) a subsequent revocation of the offer may serve to nullify the resulting contract.
• B) a contract is formed, assuming that all of the other elements of a contract are present.
• C) either party may withdraw from the resulting contract without consent.
• D) the acceptance is executory.

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Definitions:

Dispute Resolution Process

A systematic approach used to resolve disagreements between parties, which may include mediation, arbitration, or litigation.

Med-Arb

A hybrid dispute resolution process that combines both mediation and arbitration, where a neutral person mediates a dispute but can also make a binding decision if necessary.

Federal District Courts

The general trial courts of the United States federal court system where civil and criminal cases are filed and heard.

ADR

Alternative Dispute Resolution; methods for resolving disputes without litigation, such as arbitration or mediation.