Jeb Submits a Bid to Construct a Student Union Building

question 13

Multiple Choice

Jeb submits a bid to construct a student union building for the local community college. He realizes after submitting the final bid that he forgot to include the cost of the window casings for the entire building. He may:

• A) revoke his bid at any time.
• B) not revoke his bid due to the statutory irrevocability of the bid.
• C) reject the offer of the college to build the student union when the college chooses his bid because it is the lowest.
• D) refuse, based on the windfall theory, to put in the window casings even if they were part of the bid specifications put out by the college.

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Definitions:

Qualified Indorsement

An endorsement on a negotiable instrument that limits the liability of the indorser or specifies conditions for the payment.

Indorser

An entity or person who signs the back of a negotiable instrument, such as a check or promissory note, thereby transferring ownership or guaranteeing payment to another party.

Instrument

A tool or device used for a specific purpose, often referring to musical instruments or legal documents.

Maker

Typically refers to the individual or entity that creates or executes a financial instrument, like a check or promissory note, thereby committing to the terms outlined therein.