Offers That Fail to Provide a Specific Time for Acceptance

question 25

Multiple Choice

Offers that fail to provide a specific time for acceptance are:

• A)considered to be illegal.
• B)are valid for a reasonable time.
• C)are valid but unenforceable.
• D)can be used to penalize the offeror.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was acquired, representing the loss of value over time.

Residual Value

The estimated amount that an asset will realize upon its sale at the end of its useful life.

Straight-Line Depreciation

A method of accounting in which an asset's cost is evenly distributed over its useful life to represent its consumption.

Depreciable Cost

The total cost of an asset that is subject to depreciation over its useful life, excluding any salvage value.