Which of the Following Provides That a Revocation Is Effective

question 14

Multiple Choice

Which of the following provides that a revocation is effective only when received by the offeree?

• A) The Acceptance Rule
• B) The Contract Rule
• C) The Reasonable Rule
• D) The Mailbox Rule
• E) The Contract Legality Rule

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Definitions:

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Owner's Equity, balancing the total value of resources with the sources of those resources.

Net Loss

The amount by which total expenses exceed total revenues in a specific period, indicating a negative financial performance.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the ownership interest of the business owners.

Expenses

Costs incurred by a business in the process of earning revenue.