Joe Sends Sanjay an Offer Via Email from His Toronto

question 67

Multiple Choice

Joe sends Sanjay an offer via email from his Toronto office.The offer contains a provision indicating the offer expires at 5:00 p.m.Toronto time.Sanjay,who lives in Vancouver,replies accepting Joe's offer at 4:00 p.m.Vancouver time.Joe received Sanjay's email acceptance at 9:00a.m.the next day.Which of the following statements is true? (Note the three-hour time difference between Toronto and Vancouver.)

• A) Joe and Sanjay had a binding contract, since Sanjay had accepted by 4:00 p.m. Vancouver time.
• B) Once Sanjay had sent the email, a binding contract had been formed, regardless of what time Joe received the email.
• C) Joe's offer had expired.
• D) The contract became binding once Joe had made the offer.
• E) A binding contract had been formed once Joe opened Sanjay's email acceptance the next day.

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Definitions:

Labor Market

The supply of available workers in relation to available work.

Wages

The monetary compensation paid by employers to employees for their labor, typically calculated on an hourly, daily, or piecework basis.

Segregation

The act or state of separating or being separated into different groups based on characteristics such as race, gender, or religion, often leading to unequal treatment or opportunities.

Profit Maximizing

The process or goal of a firm to adjust its production and pricing strategies to achieve the highest possible profit.