Acceptance of an Offer to Form a Unilateral Contract Need

question 1

True/False

Acceptance of an offer to form a unilateral contract need not be communicated to the offeror to be effective.

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Definitions:

Binding Agreement

A contract or agreement that is legally enforceable in a court of law, implying that all parties have agreed to the terms and conditions.

Variable Interest

Interest that can change over the lifetime of a loan, credit line, or other form of financing, usually linked to a fluctuating benchmark rate.

Loss Contingencies

Potential losses that may occur in the future and are recorded in financial statements if they are probable and can be reasonably estimated.