BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -If the offeree gives the offeror something of value in return for a promise to keep the offer open, this agreement is itself a binding contract and is called a counteroffer.

Detailed explanation-2: -Option contracts: An option contract is formed when an offeror promises to leave an offer open for a certain amount of time, the offer contains a specific price term, and the offeree has provided at least nominal consideration to keep it open.

Detailed explanation-3: -A proposal by an offeror to do something, provided the offeree does something in return. In making a counteroffer, the offeree says in legal effect, “I refuse your offer; here is my proposal.” The counteroffer terminates the original offer.

Detailed explanation-4: -Essentially a contractual promise to keep an offer open for a certain period of time. The party making the offer promises to keep the offer open for a specified period in exchange for some consideration from the other party.

Detailed explanation-5: -A unilateral contract is a contract where the offeror makes a promise in exchange for an act. [5] An offeree accepts a unilateral contract by performing the requested act. A bilateral contract is where the offeror makes a promise in return for a promise to do something in the future.