Unformatted text preview: 4) How can an offer terminate by operation of law? By any of the following events: lapse of time; destruction of the specific subject matter of the offer; death or incompetence of the offeror or offeree; or supervening illegality of the proposed contract 5) Who may accept an offer? The offeree may accept an offer. 6) What is unequivocal acceptance? The acceptance must not be subjected to new conditions. 7) In what contractual situations must acceptance be communicated? In a bilateral contract 8) In situations requiring the communication of acceptance, when and how must acceptance be communicated? Acceptance in bilateral contracts must be timely. Acceptance takes effect at the time the offeree sends or delivers the communication via the mode expressly authorized the offeror....
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- Spring '08
- Business Law, Speciﬁc subject matter, reasonably definite terms, unequivocal acceptance, real estate option