Unformatted text preview: ion Revocation of the offer by the Offeror: Offer can be withdrawn anytime before Offeree accepts the offer.
Effective when the Offeree or Offeree’s agent receive it.
Irrevocable Offers. Option Contract: Promise to hold an offer open for a specified period of time in return of consideration. Termination by Action of the
Parties, Exceptions (Cont’d): Detrimental Reliance or Promissory Estoppel where Offeree relies on offer to his or her detriment, thus Offeror is barred from revoking the offer. Rejection of the offer by the Offeree: Rejection by the Offeree (expressed or implied) terminat...
View Full Document
- Fall '08
- Offeree, Proposed Contract