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  2. Revocation - Wikipedia

    en.wikipedia.org/wiki/Revocation

    A Proposal/Offer May be revoked at any time, before the communication of its acceptance is complete as against the proposer, but not afterward. If the buyer knew of the nonconformity at the time of acceptance, he can revoke only if he can show he accepted the goods with the impression the seller would cure it and that did not happen.

  3. Option contract - Wikipedia

    en.wikipedia.org/wiki/Option_contract

    An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1).

  4. No-reserve auction - Wikipedia

    en.wikipedia.org/wiki/No-reserve_auction

    A no-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price. [1] [2]From the seller's perspective, advertising an auction as having no reserve price can be desirable (but risky) because it potentially attracts a greater number of bidders due to the possibility of a bargain. [1]

  5. Power of acceptance - Wikipedia

    en.wikipedia.org/wiki/Power_of_acceptance

    A counter offer is an offer which concerns the same subject matter but with different terms than the original offer. If a counter-offer is made by the offeree to the offeror, then the original offer is deemed rejected, and the power of acceptance included in the original offer is terminated. [32]

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  7. Offer and acceptance - Wikipedia

    en.wikipedia.org/wiki/Offer_and_acceptance

    Also, upon making an offer, an offeror may include the period in which the offer will be available. If the offeree fails to accept the offer within this specific period, then the offer will be deemed as terminated. An offer may also be revoked by operation of law, if an unreasonable amount of time has passed between offer and acceptance. [46]

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  9. Firm offer - Wikipedia

    en.wikipedia.org/wiki/Firm_offer

    A firm offer is an offer that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. [1] As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face.