Asked by Anastasiia Semenenko on Jul 29, 2024
Verified
Andy offers to sell his car to Bob, but Bob needs to arrange financing, so Andy says he will give Bob three days to do so. Andy can revoke the offer before the three days are up.
Financing
The act of providing funds for business activities, making purchases, or investing.
Revoke
To officially cancel or withdraw something, such as a law, right, or offer.
Offer
A proposal presented by one party to another as a basis for negotiations or a potential contract.
- Acquire knowledge about the framework of offers, including the defining elements of an offer and the ways in which an offer can be annulled.
- Evaluate the conditions under which an offer can be considered irrevocable.
Verified Answer
XW
Xavier WoodyardJul 29, 2024
Final Answer :
True
Explanation :
In general contract law, unless an offer is irrevocable (e.g., through an option contract where consideration is given for the offer to remain open), the offeror can revoke the offer at any time before acceptance, even if they've promised to keep the offer open for a certain period.
Learning Objectives
- Acquire knowledge about the framework of offers, including the defining elements of an offer and the ways in which an offer can be annulled.
- Evaluate the conditions under which an offer can be considered irrevocable.