Common Law Requires That an Acceptance of an Offer Be

question 110

True/False

Common law requires that an acceptance of an offer be made by the means specified by the offeror and it must reach the offeror in order to be effective.

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Definitions:

Periodic Inventory System

An inventory accounting system where inventory counts are performed and updated at specific intervals to determine cost of goods sold and ending inventory levels.

Ending Inventory

The value of goods available for sale at the end of an accounting period. It is the beginning inventory plus purchases minus the cost of goods sold.

FIFO

"First In, First Out," a method used in inventory management and accounting where the oldest inventory items are sold or used first.

Net Income

Signifies the net income of a corporation following the subtraction of all costs and tax obligations from the overall revenue.