By Submitting a Tender, a Party Normally

question 51

Multiple Choice

By submitting a tender, a party normally

• A)creates an enforceable contract, called an option, to create another contract in the future.
• B)prevents the other party from revoking its bid.
• C)accepts an offer to enter into a contract for services.
• D)creates an invitation to treat.
• E)accepts an offer to enter into a fair bidding process.

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Definitions:

Federal Gasoline Tax

A tax imposed by the federal government on the sale of gasoline, used primarily to fund transportation infrastructure projects like highways and bridges.

Substitutes

Products or services that can replace each other in use, such that an increase in the price of one leads to an increase in the demand for the other.

General Equilibrium

A condition in economics where supply and demand are balanced across all markets in the economy simultaneously.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period.