An Offer Is Terminated on the Grounds of "Lapse of Time

question 29

Multiple Choice

An offer is terminated on the grounds of "lapse of time" if ________.

• A) the offeror dies before the offeree has accepted the offer
• B) the offer is not communicated to the offeree
• C) the offeror has communicated to the offeree a set time which is not mentioned in the offer
• D) the offer is not accepted within a stated time period

---

Definitions:

Budget Line

A graphical representation of all possible combinations of two goods that a consumer can afford with their income level.

Production Possibilities Curve

A graphical representation that shows the maximum number of goods or services that can be produced using limited resources.

Full Employment

A situation in which all available labor resources are being used in the most economically efficient way, often characterized by the absence of cyclical unemployment.

Entrepreneur

An individual who takes on the risk of starting and managing a business venture to achieve financial returns or other personal objectives.