Cody Signs and Returns a Letter from Dora,referring to Dora's

question 51

Essay

Cody signs and returns a letter from Dora,referring to Dora's Double-D Ranch and its price.When Cody attempts to complete the deal,Dora refuses,claiming that they have no contract.Cody claims they do.What standard determines whether these parties have a contract

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Definitions:

Relatively Elastic

Refers to a scenario in which the demand or supply for a product or service greatly alters due to variations in its price.

Marginal Revenue

The extra revenue produced by the sale of an additional unit of a product or service.

Relatively Elastic

A characteristic of a good or service with a demand that is sensitive to changes in price, meaning that small changes in price lead to larger changes in quantity demanded.

Marginal Revenue

The surplus earnings obtained from the sale of one extra unit of a product or service.