BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Like an option contract, the Firm Offer Rule is a type of irrevocable offer contract, meaning the person offering the contract cannot revoke it for a period of time.
Detailed explanation-2: -Revoking an Offer This means that if you make an offer and the other party wants some time to think it through, or makes a counteroffer with changed terms, you can revoke your original offer. Once the other party accepts, however, you’ll have a binding agreement. Revocation must happen before acceptance.
Detailed explanation-3: -A revocation of a revocable offer is effective when received by the offeree prior to acceptance.
Detailed explanation-4: -Revocation by Offeror-Generally, the offeror may revoke an offer at any time before the offeree accepts it. If the offeree has already accepted the offer, a valid contract exists and an attempt to revoke the offer may constitute breach of the contract.