Yael Sent Jen an Offer to Sell His Mountain Bike

question 45

Multiple Choice

Yael sent Jen an offer to sell his mountain bike for $150. After thinking about the offer for a few days, Jen sent Yael a letter accepting his offer and asking if he intended to leave the book basket attached to the bike. The next day, before Jen's letter arrived, Yael phoned Jen and told her that he had decided to sell his bike to Jake, who had offered him $200. Which of the following statements holds true of this case?

• A) Jen used unauthorized means of acceptance.
• B) Jen's acceptance was good and a contract was created when Jen's letter was mailed.
• C) Yael could revoke the contract as the goods had not exchanged hands yet.
• D) The contract was not valid as the UCC held acceptances to be valid only when they were received and acknowledged in writing by the offeror.

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Definitions:

Married Filing Jointly

A tax filing status for married couples who choose to combine their income and deductions on one tax return.

Single Filing Status

A tax filing status for individuals who are unmarried and do not qualify for other filing statuses.

Circular 230

A set of regulations governing tax professionals who represent taxpayers before the IRS, ensuring practitioners meet ethical and practice standards.

Tax Returns

Documents filed with the IRS that report income, expenses, and other pertinent tax information. Tax returns determine tax liability or refund eligibility for an individual or company.