If an Offer Is Made by Mail and an Acceptance

question 149

Multiple Choice

If an offer is made by mail and an acceptance by mail is requested, when does a letter revoking the previous offer actually take effect?

• A) Never. A revocation must be done in person.
• B) At the time that it is received, if before acceptance
• C) At any time before actual performance of the contract has begun
• D) At any time before a letter of acceptance is received by the offeror
• E) At the time that it is posted

Understand the concept of groupthink and its impact on team decision-making.

Identify and apply effective team management and conflict resolution skills.

Recognize the importance of clear responsibilities and ground rules in team success.

Differentiate between successful and less successful team behaviors and strategies.

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Definitions:

Incremental Borrowing Rate

The interest rate a lessee would have to pay to borrow on a collateralized basis over a similar term the funds necessary to lease an asset.

Lessor's Implicit Interest Rate

The interest rate in a lease agreement that, when applied to the minimum lease payments, causes the present value of those payments to equal the fair value of the leased asset.

Present Value Factor

A formula used to calculate the present value of a sum of money to be received in the future, taking into account the time value of money.