Aeneas said:
Many thanks Eighty, EnumaElish and fopc. Eighty's answer, then, seems to be saying that the two-way arrow is O.K.here, and that the book is wrong to say that it is not?
Apparently no details are given by the author (even in the exercise statement). So you'll have to make some assumptions.
It's a hypothetical formula, so I think it's safe to say it's universally quantified. No problem.
But, the problem domain is another matter. I suspect the author meant for it to be R, because
if he meant say R+ or R-{0}, then clearly <-> holds and the book is wrong.
So assume R. But consider:
Look at the antecedent, and remember that it's universally quantified (for every x in R ...).
Notice there's an element sitting in R that turns it into nonsense.
Specifically, 1/0 = 1/(0+1) is nonsense. It is not true, and it is not false.
This is not the same as saying it has a truth value, but we don't know which one.
It does not have a truth value. So now you have a bound antecedent (a closed subformula)
that does not have a truth value for every x in R.
Last point: Note that the problem says nothing about x = -1.
If this is introduced, then you have a different problem.