6-2 Termination of Offers

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6-2 Termination of Offers GOALS Describe the various ways to end offers Explain how an offeree can ensure an offer will remain open Chapter 6

HOW CAN OFFERS BE ENDED? Revocation by the offeror Time stated in the offer Reasonable length of time Rejection by the offeree Counteroffer Death or insanity of either the offeror or offeree Destruction of the specific subject matter Chapter 6

   CHECKPOINT Explain two ways in which offers can be terminated. Chapter 6

HOW CAN AN OFFER BE KEPT OPEN? Options Something of value is given in return to keep an offer open for a period of time. Firm offers Applies to merchants, same principal as an Option. Uniform Commercial Code (UCC) makes these offers binding for the stated time, not more than three months. Chapter 6

CHECKPOINT    How could an offeree ensure that an offer will stay open for a set period of time? Chapter 6

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