Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $400,000. After mailing the letter, Elmer learns that the farm is actually worth $500,000 and changes his mind about selling. Elmer:
A) has made a firm offer to Fred which cannot be revoked.
B) can revoke his offer at any time before acceptance, because there is no consideration to keep the offer open.
C) must keep the offer open, because this is an option contract.
D) is prohibited from revoking his offer to Fred under the doctrine of promissory estoppel.
B
You might also like to view...
A broad market definition differs from a narrow market definition in that a broad market definition ________
A) includes the articulated needs of customers B) includes all potential substitute products C) results in unfulfilled market potential D) enables managers to define their markets on the basis of the customers they currently serve E) limits managers' perceptions and strategies
What term do Torrington et al. (2008) use to refer to a relationship between HR and business strategy where HR is the key strategic decision-maker within the organisation:
a. HR-directed b. HR-driven c. holistic d. HR-dominated
What is a view?
What will be an ideal response?
A proactive balancing of scarce business resources with demand is known as ________.
Fill in the blank(s) with the appropriate word(s).