Chapter 11 - Contract Agreements


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Unformatted text preview: es the offer. Effective only when it is received by the Offeror or Offeror’s agent. Termination by Action of the Parties, cont. Parties, Rejection by Offeree (Cont’d). A counteroffer by the Offeree is a rejection of the original offer and making of a new offer. Mirror Image Rule Offeree’s acceptance must match the Offeror’s offer exactly. Termination by Operation of the Law of Lapse of Time Offer terminates by law when the period of time specified in the offer has passed. If no time period for acceptance is specified, the offer terminates at the end of a reasonable period of time. Destruction of the Subject Matter Deat...
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