The term ________ refers to a mode of acceptance that is indicated from what is customary in similar transactions, usage of trade, or prior dealings between the parties.
A) express authorization
B) implied authorization
C) option contract
D) unequivocal acceptance

Question

Quizplus · Accepted Answer

Implied authorization refers to a mode of acceptance that is indicated from what is customary in similar transactions, usage of trade, or prior dealings between the parties. This means that acceptance can be inferred from the parties' conduct or circumstances, without it being explicitly stated. Express authorization (A) is when the parties explicitly agree to a particular mode of acceptance. An option contract (C) is a type of contract where one party pays another for the exclusive right to buy or sell an asset at a predetermined price within a specified timeframe. Unequivocal acceptance (D) refers to acceptance that is clear and unambiguous, without any conditions or qualifications.

The Term ________ Refers to a Mode of Acceptance That