Asked by Dolly Rodriguez on May 03, 2024
Verified
An offeror has no legal right to revoke an offer before receiving a reply to their offer.
Revoke
To formally withdraw, cancel, or annul a right, privilege, or decision.
Offeror
The party in a contractual agreement who presents an offer to another party (the offeree) indicating readiness to enter into a contract on specified terms.
Legal Right
An entitlement or permission granted to individuals by law allowing them to act in a certain way or to be treated in a specific manner.
- Learn about the core aspects and requirements for generating a legitimate contractual agreement, with emphasis on offer, acceptance, and consideration.
Verified Answer
LM
Laaysia MortimerMay 07, 2024
Final Answer :
False
Explanation :
An offeror generally has the legal right to revoke their offer at any time before it is accepted, unless they have made a specific promise to keep the offer open for a certain period of time and that promise is supported by consideration or falls under the exceptions provided by the Uniform Commercial Code for firm offers.
Learning Objectives
- Learn about the core aspects and requirements for generating a legitimate contractual agreement, with emphasis on offer, acceptance, and consideration.