BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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False
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True
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Detailed explanation-1: -If an offer is made, it can be accepted by anyone who learns of it. If a time for the offer to expire is not stated, it will expire in a reasonable time under the circumstances.
Detailed explanation-2: -Which of the following is presumed to be a reasonable amount of time when considering whether an offer has expired? There is no set amount of time, and what constitutes a reasonable amount of time varies depending upon the subject matter of the offer.
Detailed explanation-3: -How long is an offer open for acceptance?-An offer is terminated by the lapse of the time specified in the offer.-If no time is specified in the offer, it is terminated by a lapse of a reasonable time after being communicated to the offeree.-A reasonable time varies with each case, depending on the circumstances.
Detailed explanation-4: -Offers that fail to provide a specific time for acceptance are invalid because they are deemed to be indefinite. Under Article 2 of the UCC, some promises for options accompanying offers will be enforced despite the absence of consideration.