If an Offer Requires That Acceptance Be Communicated by a Specific

question 46

Multiple Choice

If an offer requires that acceptance be communicated by a specific date and the acceptance is properly dispatched by the offeree on the final date,

• A) no contract is formed, since the offeror will undoubtedly receive the dispatched acceptance after the deadline for acceptance.
• B) a contract is formed, but the contract is voidable at the election of the offeror.
• C) the acceptance is timely and a contract is formed, even though the offeror actually receives the acceptance well after the specified date has passed.
• D) the acceptance is timely and a contract is formed, but only if the offeror actually receives the acceptance by the deadline specified for acceptance.

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Definitions:

Opportunity Costs

The value of the best alternative forgone in making any decision, representing the benefits that could have been received from that alternative.

Management

Management refers to the coordination and administration of tasks to achieve a goal, including planning, organizing, staffing, directing, and controlling organizational resources.

Consistency

In accounting, the principle that ensures financial statements are comparable across periods by applying the same accounting methods and policies.

Relevant

Pertaining to information or factors that are applicable to the current decision-making process, specifically those that influence economic outcomes.