If the Means by Which an Acceptance Can Be Communicated

question 59

True/False

If the means by which an acceptance can be communicated to the offeror is expressly stated in the offer, it is called an "implied authorization."

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Definitions:

Operating Expense

Refers to the costs associated with the day-to-day functions of a business, excluding costs related to production.

Credit Terms

Conditions under which a seller will extend credit to a buyer, including repayment periods and interest rates.

Merchandise Return

Occurs when customers return previously purchased products to the seller, typically resulting in a refund or store credit.

Account Settlement

The process of reconciling and closing an account by paying off any outstanding balance.