Identify the three elements required for an offer to be effective and the four terms that an offer must generally contain.
What will be an ideal response?
The three elements required for an offer to be effective are: (1) the offeror must objectively intend to be bound by the offer, (2) the terms of the offer must be definite or reasonably certain, and (3) the offer must be communicated to the offeree.
Generally, an offer must contain the following terms: (1) identification of the parties, (2) identification of the subject matter and quantity, (3) consideration to be paid, and (4) time of performance.
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If a speculator enters a futures contract to sell (make delivery), that individual anticipates selling the commodity.?
Answer the following statement true (T) or false (F)