1. 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

2. 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

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

4. 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

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