If No Means of Communicating an Acceptance Is Specified in an Offer,which

question 52

Multiple Choice

If no means of communicating an acceptance is specified in an offer,which of the following is generally true?

• A)The acceptance must be made verbally either by telephone or in person.
• B)No valid contract may be entered into because the offer must specify a means by which to accept.
• C)Acceptance must be made orally or in writing within twenty-four hours.
• D)Acceptance may be made by any reasonable means.
• E)The acceptance must be in writing.

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Definitions:

Elastic Portion

A range in the demand or supply curve where a small change in price leads to a large change in the quantity demanded or supplied.

Total Revenue

Total Revenue refers to the total amount of money generated by a business from the sale of its goods or services before any costs are deducted.

Price Elasticity

Measures the responsiveness of the quantity demanded of a good to a change in its price, indicating how changes in price affect consumer demand.

Demand Is Elastic

A condition where the quantity demanded of a good or service is significantly changed due to a change in its price. High elasticity indicates a sensitive reaction to price changes.