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:

Non-Strategic Investments

Investments made by a company that are not part of its core operations or strategic plan.

Significant Influence Investments

Investments where the investor has the power to participate in the financial and operating policy decisions of the investee but does not control or jointly control the entity.

IFRS 9

Financial Instruments, a segment of the International Financial Reporting Standards that addresses the accounting for financial instruments, providing guidance on classification, measurement, impairment, and hedging.

Unrealized Gains And Losses

Increases or decreases in the value of investments or other assets that are not yet sold, thus not officially recorded as income or loss.