What Was the Result in the Case Nugget,Lefkowitz V

question 45

Multiple Choice

What was the result in the case nugget,Lefkowitz v.Great Minneapolis Surplus Store Inc. ,involving an advertisement for the sale of fur coats?

• A)The court ruled that the advertisement was an offer but that the customer who was suing had not properly accepted.
• B)The court ruled that the advertisement was not an offer because it involved a luxury good.
• C)The court ruled that the ad was not an offer because ads are never offers,only invitations for customers to make an offer.
• D)The court ruled that the ad was an offer and that the plaintiff properly accepted it.
• E)The court ruled that the advertisement was not an offer because it was a ridiculously low offer which the plaintiff should have known was not to be taken seriously.

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Definitions:

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, not after each transaction.

LIFO Method

An inventory valuation method that stands for "Last In, First Out," assuming that the most recently produced items are sold first.

Cost of Goods Sold

The immediate financial costs tied to the manufacture of goods a company sells, including labor and materials.

Merchandise Inventory

Goods or products that a company holds for the purpose of selling to customers in the ordinary course of business.