Termination of Offers Copyright © Texas Education Agency, All rights reserved.

2 Copyright and Terms of Service Copyright © Texas Education Agency. The materials found on this website are copyrighted © and trademarked ™ as the property of the Texas Education Agency and may not be reproduced without the express written permission of the Texas Education Agency, except under the following conditions: 1)Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from the Texas Education Agency; 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only without obtaining written permission of the Texas Education Agency; 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way; 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from the Texas Education Agency and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty fee.

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 3Copyright © Texas Education Agency, All rights reserved.

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 4Copyright © Texas Education Agency, All rights reserved.

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Options –Offeree gives the offerer something of value in return for a promise to keep the offer open –Offer may not be withdrawn during the period of the option 5Copyright © Texas Education Agency, All rights reserved.

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. 6Copyright © Texas Education Agency, All rights reserved.

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 Independent Practice Assignments 7Copyright © Texas Education Agency, All rights reserved.