wanted to buy and ask you to give him an offer over 2 years, and you want an option
price of 10%. So he gives you $200,000 to hold the offer for 2 years, if he doesn’t buy
the land, you keep the $200,000 because he is holding your asses. If he purchases it
will be negotiable if the $200,000 goes into the $2million or not.
One that’s not supported by consideration. Therefore the offeror can revoke it prior to
acceptance. The revocation has to be communicated to the offeree before the offeree
accepts the offer.
Ex. It’s near the end of the class 9:10 and I offer to sell you my car for $5,000, and I
don’t say anything and walk out the door, the offer is still open. Thursday morning I
walk back in the classroom and Trosch says I revoke (that is a proper revoke).
the revocation to be accepted, it must be received (communicated) to the offeree
prior to the time he accepts.
If the offer is a revocable offer, the requirement to keep
it open for a certain period is not required.
Rejection of the Offer
Silence is not a rejection or acceptance. In other words, if you don’t say anything, the
offer remains open.
Where the offeree makes conditions (I’ll buy car if you put new motor and tires on it)
is considered a rejection
If either party dies or becomes insane prior to acceptance, it terminates the offer
Destruction of the Subject Matter
If the subject matter of the contract is destroyed prior to acceptance
If the offeree wants to accept the offer he must accept the offer as stated, if he changes
any of the terms of the offer it amounts to a rejection. In other words, the offeree’s
acceptance must correspond with all the respects of the offer.