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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).
Day 3: B puts a letter accepting the offer in the mail. Day 4: B receives A's revocation letter. The letter of revocation can be effective only when received, that is Day 4. However, a contract was formed on Day 3 when the letter of acceptance was posted. It is too late for A to revoke the offer. Example 2: Day 1: A makes an offer to B.
An offeror may revoke an offer before it has been accepted, but the revocation must be communicated to the offeree (although not necessarily by the offeror [22]). If the offer was made to the entire world, such as in Carlill's case, [11] the revocation must take a form that is similar to the
However, if the offeree gives some separate consideration (discussed below) to keep the offer open for a certain period of time, the offeror is not permitted to revoke during that period. For example, Alice offers to sell Bob her watch for $10. Bob gives Alice $1 to keep the offer open for a week. Alice is not permitted to revoke during the week.
(The Center Square) – Real estate experts say California’s anti-price-gouging laws could make it impossible to rent out housing to the thousands of families displaced by the ongoing wildfires ...
In the law of contracts, revocation is a type of remedy for buyers when the buyer accepts a nonconforming good from the seller. [1] Upon receiving the nonconforming good, the buyer may choose to accept it despite the nonconformity, reject it (although this may not be allowed under the perfect tender rule and whether the Seller still has time to cure), or revoke their acceptance.