Counteroffer
Acceptance
Extension
Option
2007-07-17 15:59:23 · 3 answers · asked by flygirl2117 1 in Politics & Government ➔ Law & Ethics
There are two ways that an offer can be held open for a specified period of time: an option contract or a firm offer.
An option contract is an agreement to keep an offer open for a specified period of time that is supported by consideration.
A firm offer is a written agreement by a merchant for the sale of goods to keep an offer open for a specified period of time, limited to 3 months. If a firm offer states that it is for something longer than 3 months, i.e. a year, the court will reform the offer for 3 months. If no time is specified in the firm offer, the court will set a reasoanble time up to 3 months.
By the way, the person who asked the question is NOT studying for the bar. I'm studying for the bar and these questions are NOTHING like what's on the bar. Maybe the person is studying for a legal assistant or paralegal class.
2007-07-17 20:56:17 · answer #1 · answered by Edward r 2 · 1⤊ 0⤋
An option.
Sounds like someone is studying for the bar exam, as I am. If so Good Luck!
2007-07-17 16:33:16 · answer #2 · answered by T I 2 · 1⤊ 0⤋
option
2007-07-17 16:06:03 · answer #3 · answered by Irv S 7 · 1⤊ 0⤋