If the Mail Is a Reasonable Means for Accepting an Offer,is

question 141

Essay

If the mail is a reasonable means for accepting an offer,is a contract formed when the offeror drops a letter of revocation in the mailbox at the very same instant that the offeree drops a letter of acceptance in the mailbox? Explain.

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Definitions:

Patent Rights

Legal protections granted to inventors that give them exclusive rights to make, use, sell, and distribute their inventions for a certain period of time.

Inelastic Demand

A scenario where the product's demand remains largely unaffected despite variations in its price.

Licensing

A requirement that one obtain permission from the government in order to perform certain business activities or work in various occupations.

Essential Resource

A fundamental input or asset that is necessary for the production processes or for sustaining life and economic activities.