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Question
Alpha Oil Company sends an offer by fax to Zeno Refining Co. to sell 10,000 barrels of crude oil at $35 per barrel, and mentions it will hold the offer open for Zeno. Four months after receiving Alpha's offer, Zeno faxes an acceptance to Alpha. However, at this time the market price of crude oil has risen to $40 per barrel. Discuss the situation.
Answer
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Related questions
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