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Step2247 [10]
3 years ago
5

On Friday, Billy mails Andrew an offer, which Andrew receives on Monday. On Tuesday, Billy mails Andrew a revocation, which Andr

ew does not receive until Thursday. Andrew takes no action when he receives the revocation. Meanwhile Andrew mailed Billy an acceptance on Wednesday that Billy receives on Friday. Is a contract formed, and if so, on what day?
Business
1 answer:
Gekata [30.6K]3 years ago
8 0

Answer:

When Andrew sent his acceptance on Wednesday a contract was formed.

Explanation:

Andrew had recieved the offer on Monday and accepted on Wednesday, although Billy sent a revocation on Tuesday.

The onus for Andrew to receive the revocation on time is on Billy, a faster means should have been taken to notify Andrew of the revocation.

So the contract was formed on Wednesday when Andrew accepted the offer.

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A purely competitive industry has a very <u>large </u>number of sellers, whereas the other three market structures reflect a progressively <u>smaller </u>or <u>decreasing </u>number of sellers.

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Agrarian goods like corn, wheat, and soybeans are excellent examples of a market that is purely competitive. Monopolistic competition is similar to pure competition in that it has few barriers to entry and many suppliers.

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