Under the Mailbox Rule,the Acceptance of an Offer Is Effective

question 42

Multiple Choice

Under the mailbox rule,the acceptance of an offer is effective at the time the acceptance is dispatched unless:

• A)both the offeror and offeree are merchants.
• B)the offer proposes a sale of real estate.
• C)the acceptance is not in the authorized mode of communication.
• D)the acceptance is lost or never reaches the offeror.

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Definitions:

Farmer

An individual engaged in the practice of agriculture, raising living organisms for food or raw materials.

Percentage-Of-Completion Method

An accounting technique used in long-term contracts, recognizing revenue and expenses based on the project's estimated completion level.

Revenue

The total income generated from normal business operations and before any costs or expenses are deducted.

Progress Payments

Payments made on a contract in advance of the final delivery, typically based on the completion of certain stages or milestones within the project.