***Exception: can revoke the offer at any time unless we are in an option contract-In an option contract, the offeree gives the offeror some consideration (often $10)in return for the offeror’s promise to keep the offer open. Once the consideration is accepted by the offeror, the offer cannot be revoked during the specified period
of time-Rejection- must be communicated-** A counter offer is a rejectionof the original offer- (ripping up the original contract metaphorically)-Lapse of reasonable time- usually what courts look for, except when stated otherwise in the contract (ex: “time is of the essence)-Termination by operation of law (notice not necessary):-1. Death of adjudication of insanity of either party-2. Destruction of the subject matter of the contract-3. Intervening illegalityAcceptance-******2 is important (MUST MIRROR THE OFFER or it is a counteroffer)-An acceptance -(1) must demonstrate a definite, present intent to accept the offer-(2) must be unconditional and not add any terms that are additional to or differentfrom those of the offer, and-(3) must be legally communicated to the offeror or to the offeror’s agent-As a general rule, there is no duty on the offeree to reply to an offer-Remember, changing the terms means that it is a rejection of the original offer and bringing in a new counter offer- “I accept if you promise to repaint the barn before sale.” This is a rejection and counteroffer-Lucier v. Town of Newfolk-***Don't make offers or send an acceptance via snail mail!!!