Which of the Following Is True Regarding Acceptable Means of Acceptance

question 3

Multiple Choice

Which of the following is true regarding acceptable means of acceptance if no means of communicating an acceptance is specified in an offer?

• A)If no means of communicating the acceptance is specified,any reasonable means is generally acceptable.
• B)If no means of communicating an acceptance is specified in an offer,acceptance must be done through the U.S.mail system.
• C)If no means of communicating an acceptance is specified in an offer,acceptance must be done either in person or through telephone communication.
• D)If no means of communicating an acceptance is specified in an offer,acceptance must be done either through U.S.mail or through e-mail.
• E)If no means of communicating an acceptance is specified in an offer,acceptance must be done either through the U.S.mail or through fax transmittal.

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Definitions:

Market

A place or system where buyers and sellers interact to trade goods, services, or contracts, allowing for the exchange of resources.

Price

The monetary value assigned to the acquisition of a service or good.

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive.