BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A reasonable length of time
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A counter-offer
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A rejection of an offer
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All of these
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Detailed explanation-1: -(i) By notice:-An offer may be revoked by communication of notice to the offeree by the offeror before the communication of acceptance is completed as against him. (ii) By Lapse of time:-A proposal stands revoked by the lapse of time prescribed for its acceptance if communication of acceptance is not made.
Detailed explanation-2: -An offer may be terminated through lapse of time, the death of the offeror or offeree, the failure of some condition or contingency, by rejection (or counter-offer), and by communication of a revocation of the offer. An offer may be revoked any time prior to its acceptance.
Detailed explanation-3: -Offers may be terminated in any one of the following ways: Revocation of the offer by the offeror; counteroffer by offeree; rejection of offer by offeree; lapse of time; death or disability of either party; or performance of the contract becomes illegal after the offer is made.
Detailed explanation-4: -Offerees Rejection-An offer terminates if the offeree receives the offer and rejects it. Once the offeree rejects the offer, she cannot come back later and accept the offer. Any attempt to do so may constitute a new offer to the original offeror.
Detailed explanation-5: -By acceptance. Correct. This is not a valid way to terminate an offer. Acceptance makes the contract valid.