An Option Contract Requires the Offeror To

question 274

Multiple Choice

An option contract requires the offeror to:

• A) give at least a day's notice before withdrawing the offer
• B) offer more than one option
• C) keep an offer under a certain price
• D) limit an offer to a certain number of offerees
• E) none of the other choices are correct

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Definitions:

Limited Liability Corporation

A business structure that offers its owners protection from personal liability for the debts of the company, while allowing them to enjoy the tax and operational benefits of a partnership.

Sole Proprietorship

A simple business structure where a single individual owns, manages, and is responsible for all aspects of the business, including liabilities.

Partnership

A form of business where two or more people agree to contribute resources to start and operate a business together.

Entrepreneur

An individual who creates, organizes, and operates a business venture, taking on greater than normal financial risks in order to do so.