To Create Acceptance to an Offer for a Bilateral Contract

question 50

Multiple Choice

To create acceptance to an offer for a bilateral contract:

• A)the offeree must perform the act requested by the offeror.
• B)silence will never constitute acceptance of an offer.
• C)acceptance must always be properly communicated to the offeror.
• D)an offeror is allowed to word his or her offer so that the offeree will be bound to the contract.

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Definitions:

Escalation Of Commitment

Refers to the phenomenon where individuals or organizations continue to invest time, money, or resources into a failing decision or project, due to the substantial investments already made, rather than abandon it.

Psychological Determinants

Factors of psychological origin that influence an individual's behaviors, attitudes, and perceptions.

Group Polarization

describes the phenomenon where discussions within a group lead to an amplification of the group’s initial attitude, making their final stance more extreme.

Overconfidence Bias

A cognitive bias where an individual's subjective confidence in their judgments is greater than their objective accuracy, leading to overly optimistic assessments and decision-making errors.