Contracts
Offer
A proposal that becomes a contract if accepted on its terms
An offer can generally be revoked at any time before acceptance is communicated, even if it named a deadline — because the offeror received nothing in exchange for holding it open. It also lapses on expiry, on rejection, on counteroffer, and on the death or incapacity of either party.
How the exam asks about it
Pay for the promise to keep an offer open and you have an option contract, which cannot be revoked. That distinction is the point of most items here.
Related terms
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