The Intent of the Offeror to Extend an Offer to the Offeree

question 30

Multiple Choice

The intent of the offeror to extend an offer to the offeree is generally determined by reference to

• A)the beliefs of the offeror.
• B)the subjective intention of the offeror.
• C)the assumptions of the offeror.
• D)the words and conduct of the offeror.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.

Price Elasticity

The degree to which demand for an item is affected by fluctuations in its cost.

Demand

The willingness and ability of consumers to purchase goods or services at various price levels.