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Termination of Offers

Termination of Offers. Revocation- The right to withdraw an offer before it is accepted. Reasonable length of time Rejection by the offeree Counteroffer Death or insanity of either the offeror or offeree Destruction of the specific subject matter. Acceptance of an offer.

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Termination of Offers

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  1. Termination of Offers

  2. Revocation- The right to withdraw an offer before it is accepted. • Reasonable length of time • Rejection by the offeree • Counteroffer • Death or insanity of either the offeror or offeree • Destruction of the specific subject matter

  3. Acceptance of an offer • Acceptance occurs when a party to whom an offer has been made agrees to the proposal. • The acceptance must: • 1. Come from the person to whom the offer was made • 2. Match the terms in the offer • 3. Be communicated to the offeror

  4. Only offerees may accept the offer made • The acceptance must match the offer • Acceptance Must be communicated to the offeror

  5. Acceptance Must be communicated to the offeror • Bilateral contract- A promise from both parties to do something. • A seller promises to deliver topsoil to your home and you promise to pay $50 for the topsoil • Unilateral contract- Offeror promises something in return for the offeree’s performance. • You publicly promise $100 to whoever finds your lost camera. Looking for the camera doesn’t create a contract. Finding and returning the camera creates a contract.

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