Conflict May Occur Because the Conflicting Parties Lack the Opportunity

question 49

True/False

Conflict may occur because the conflicting parties lack the opportunity, ability and/or motivation to communicate with each other.

Recognize when a quotation or advertisement constitutes an offer.

Explain the conditions under which an offeror can or cannot revoke an offer.

Understand the effects of external factors (e.g., death, insanity, legality changes) on the validity of an offer.

Compare modern and classical contract law in terms of specificity and flexibility.

---

Definitions:

Financial Well-being

A state where an individual has achieved a satisfactory level of financial security and freedom to make choices that allow them to enjoy life.

Short Run

A time period in which at least one input (e.g., plant size, machinery) is fixed and cannot be varied by the firm.

Economic Profit

The divergence between an organization's total turnover and its entire liabilities, including both evident and underlying costs.

Minimum Average Variable Cost

The lowest point at which a company can produce its product with the least average variable costs involved.