Which of the Following Helps to Prevent Offerors from Revoking

question 5

Multiple Choice

Which of the following helps to prevent offerors from revoking their offers prior to acceptance when the offeree relies on it being kept open?

• A)Option
• B)Promissory estoppel
• C)Unilateral contracts
• D)Firm offer

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Definitions:

Antitrust Laws

Legislation intended to promote competition among businesses and prevent monopolistic practices.

Economic Efficiency

A condition where resources are allocated in a way that maximizes the production of goods and services.

Political Power

The authority or influence that individuals or groups hold within a political structure.

Sherman Act

An antitrust federal statute passed in 1890 which prohibits certain business activities that reduce competition in the marketplace, including monopolies.