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Chapter 11 - Contract Agreements

Effectivewhentheoffereeoroffereesagent receiveit

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Unformatted text preview: ion Revocation of the offer by the Offeror: Offer can be withdrawn anytime before Offeree accepts the offer.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. Exceptions: 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, cont. 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...
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