Grace Offers to Sell Misti Her Car for $5,000

question 75

Multiple Choice

Grace offers to sell Misti her car for $5,000.Grace tells Misti,"If I don't hear from you in three days,I'll assume you're buying the car." Four days go by and Grace has not heard from Misti.Does Misti's silence amount to acceptance?

• A)No,because acceptance must be oral or written.
• B)No,because an offeror cannot impose on the offeree a duty to respond to the offer.
• C)Yes,because Misti did not reject to the term.
• D)Yes,because Misti failed to notify Grace of any rejection within three days.

---

Definitions:

Unlimited Wants

The economic concept that human desires and needs are constant and infinite, whereas the resources to fulfill them are limited.

Best Use

Optimal allocation or application of resources to maximize efficiency or value.

Positive Statement

An objective statement based on factual information or data that can be tested or rejected through observation.

Normative Statement

A value-based statement that expresses an opinion about what ought to be rather than what is factual.