The Three Requirements for a Valid Offer Are: Present Intent

question 3

True/False

The three requirements for a valid offer are: present intent to contract,definiteness,and communication to the offeree.

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Definitions:

Diminishing Marginal Utility

The principle that as more of a good or service is consumed, the additional satisfaction or utility gained from consuming an additional unit declines.

Total Utility

The total satisfaction or benefit received by consuming a given total quantity of a good or service.

Utils

A theoretical unit of measurement used in economics to represent satisfaction or utility obtained by consuming goods and services.

Income Effect

Changes in economic or personal income and the resulting impact on how much of a product or service is sought after.