Asked by stacie Johnson on Jul 11, 2024
Verified
Which of the following is true of a revocation?
A) The power of revocation of an offer lies with the offeree.
B) Death or insanity cannot be reasons for revocation.
C) Promissory estoppel is used to prevent revocations.
D) Offers that fail to state a specified time period are considered invalid.
Promissory Estoppel
A legal principle that prevents a party from withdrawing a promise if the other party has reasonably relied on that promise to their detriment.
Revocation
The act of withdrawing, repealing, or cancelling a right, permission, or contract.
- Discern the circumstances under which an offer is allowed to be terminated or is obligated to be maintained.
- Comprehend the function and regulations associated with promissory estoppel regarding offers and acceptances.
Verified Answer
SL
Stephanie LuceroJul 11, 2024
Final Answer :
C
Explanation :
In some cases in which the offeree relies on the offer being kept open,the doctrine of promissory estoppel can operate to prevent offerors from revoking their offers prior to acceptance.
Learning Objectives
- Discern the circumstances under which an offer is allowed to be terminated or is obligated to be maintained.
- Comprehend the function and regulations associated with promissory estoppel regarding offers and acceptances.
Related questions
When Can the Offeror Effectively Revoke His/her Offer ...
Which of the Following Conditions Characterizes a Firm Offer Regarding ...
Ian,a Lawyer,sent an Offer to Raymond on October 1 Offering ...
In Which of the Following Circumstances Are Offerors Free to ...
The Offeror Can Revoke the Offer Only Be Expressing Repudiating ...