If the Mail Is a Reasonable Means for Accepting an Offer

question 171

Essay

If the mail is a reasonable means for accepting an offer, is there a contract formed when the offeror drops a letter of revocation in the mailbox at the very same instant that the offeree drops a letter of acceptance in the mailbox? Explain.

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Definitions:

Production Plant

A facility where goods are manufactured or assembled, using labor and machinery.

Given Unit

A specific quantity or measure that serves as a standard or reference for tasks or calculations in various contexts.

Cash Discount

is a reduction in the invoice amount offered to purchasers as an incentive for early payment, improving cash flow.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.