An Effective Revocation

question 338

Multiple Choice

An effective revocation:

• A) must be initiated by the offeree
• B) must be communicated to the offeree after acceptance
• C) need not be communicated to the offeree before acceptance
• D) must be filed through a court
• E) none of the other choices are correct

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Definitions:

Legal Entity

An individual, company, or organization that has legal rights and obligations, including the capacity to enter legal contracts, sue, and be sued.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use, and use by one person does not reduce availability to others.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.

Social Costs

The total cost of an action or decision, including both private costs and any externalities borne by society at large.