BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Failing to satisfy the conditions in the offer.
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Rejecting the offer.
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The offer is not accepted within a specific time period.
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Asking the offeror to provide more information about the subject matter of the contract.
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Making a counter offer
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Detailed explanation-1: -Option Contract: A contract made to keep an offer open for a specified period so that the offeror cannot revoke the offer during that period.
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: -By acceptance. Correct. This is not a valid way to terminate an offer. Acceptance makes the contract valid.
Detailed explanation-4: -(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.