Unformatted text preview: mortgage. Issue: Whether the letter was an offer, and whether there was an acceptance Rule: A offeror may revoke the offer at anytime, before an acceptance Rational: The lender revoked the offer by stating that he sold the loan to another already. This was before the owner could hand him the money to pay it off. Holding: Lender pretty much “beat him to the punch” There was no contract, because the offer was revoked before the performance could be satisfied. It was a unilateral contract Synthesis: Dissent/Concurrences: Stated that there should have been a contract because the owner had committed obligations in good faith that the offer would remain valid, and there was no revocation of the offer at that time....
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- Fall '11
- Contract Law, Mortgage loan, lender, Petterson