Termination of
Offers
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How Can Offers Be Ended?
Revocation by the Offerer
– Before the offer is accepted by the
offeree
– Revocation-right to withdraw an offer
before it is accepted
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How Can Offers Be Ended?
Time Stated in the Offer Expires
Reasonable Length of Time
Rejection by the Offeree
Counteroffer
Death or Insanity of Either the Offerer or
Offeree
Destruction of the Specific Subject Matter
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How Can an Offer Be Kept Open?
Options
– Offeree gives the offerer something of value in
return for a promise to keep the offer open
– Offer may not be withdrawn during the period of
the option
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How Can an Offer Be Kept Open?
Firm Offers
– Term stating how long the offer is to stay open
– Uniform Commercial Code (UCC) makes firm
offers binding for the time stated, but not more
than three months.
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Assignments
Independent Practice Assignments
1. Read and Analyze Case Studies in Class: Practice analyzing cases to
determine key concepts and outcomes.
2. Creating Cases: Split the class into teams with two members. Each team
must write two case studies similar to the cases in assignment #1. Each
case must include pertinent details about offer, acceptance, and
possible termination of offer. The cases will be exchanged in class to
review key concepts. Each team must supply answer keys for their case
studies to the teacher
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