An Offer to Form a Unilateral Contract Is Accepted by a Promise

question 24

True/False

An offer to form a unilateral contract is accepted by a promise to perform.

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Definitions:

Quantity Demanded

The amount of a good or service that consumers are willing and able to purchase at a specific price.

Physicals

Refers to physical commodities or assets, as opposed to financial instruments or derivatives, that are traded or examined.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service, intended to protect consumers.

Market Price

The amount of money a buyer is willing to pay and a seller is willing to accept for a good or service in a competitive market.