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Termination of Offers
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2. Copyright © Texas Education Agency, 2013. All rights reserved.
WYV Page 118
p. 118 in Revocation by the Offeror
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3. Copyright © Texas Education Agency, 2013. All rights reserved.
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
Sometimes individuals who make offers have second thoughts. They can revoke the offer before it is accepted by the offeree.
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4. Copyright © Texas Education Agency, 2013. All rights reserved.
How Can Offers Be Ended?
Time Stated in the Offer
The offeror may state how and when the offer must be accepted
If the offeree does not respond to those terms, the offer expires
UNL Alumni Association Yearly or Lifetime dues story
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5. Copyright © Texas Education Agency, 2013. All rights reserved.
How Can Offers Be Ended?
Reasonable Length of Time
What if no specifications about how long an offer will remain open?
It is determined by a “reasonable length of time”
This is all dependent on the surrounding circumstances
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6. Copyright © Texas Education Agency, 2013. All rights reserved.
How Can Offers Be Ended?
Rejection by the Offeree
Counteroffer
Death or Insanity of either party
Destruction of the specific subject matter
Rejection ends the offer immediately, even if the time limit has not expired
A counteroffer terminates the original offer
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7. Copyright © Texas Education Agency, 2013. All rights reserved.
Answer p. 120 in Options
WYV Page 120
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8. 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Offer may not be withdrawn during the period of the option
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9. 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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