A buyer and seller are negotiating the sale of a house through the mail. A written offer mailed to the offeree is accepted. If the offer did not specify a method to communicate the acceptance, a contract is created when.
A. The offeree signs the offer
B. The offeree places the acceptance in the mail
C. Offeror signs the offer
D. When the accepted is received by offeror
Answer: B. The offeree places the acceptance in the mail
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Under the Secured Transactions Article of the UCC, which of the following items can usually be excluded from a filed original financing statement?
A. The name of the debtor. B. The address of the debtor. C. A description of the collateral. D. The amount of the obligation secured.
On May 1, 2016, Butler Services issued a long-term note payable for $35,000
The note will be paid over five-years with annual principal payments of $7,000, plus interest, on May 1 of each year beginning on May 1, 2017. Prepare the journal entry for the issuance of the note. What will be an ideal response