The Manager of Mack's Bar Sent Olive Outlet an Order

question 38

Multiple Choice

The manager of Mack's Bar sent Olive Outlet an order for 200 cases of olives to be shipped "as soon as possible." The day Olive Outlet receives Mack's order,it ships the olives.Later that day,Mack's manager phones Olive Outlet and tries to revoke his offer.Under these circumstances:

• A) Mack's Bar cannot revoke because a contract was created when Outlet shipped the olives.
• B) Mack's Bar can revoke because the acceptance had not been received.
• C) Mack's Bar can revoke based on principles of promissory estoppel.
• D) Mack's Bar cannot revoke, since the olives will get spoilt if it is shipped back.

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Definitions:

Financial Interest

Financial interest denotes a stake or concern in the financial success, returns, or profits of an investment, business, or any economic entity.

Prospectus

A public document required by law before securities are issued, revealing material facts about that security and its issuer, with such true, full, and plain disclosure that a potential investor may make an informed decision as to the riskiness and price of that security.

New Issue

In finance, refers to securities or stocks being offered for sale to the public for the first time.

Proposed Purchasers

Individuals or entities expressing interest in or committing to buy a property, business, or other valuable asset.