An offer that cannot be revoked because an offeror promises to hold the offer open for a specified time in exchange for payment

Question

miskamm [114]

3 years ago

9

An offer that cannot be revoked because an offeror promises to hold the offer open for a specified time in exchange for payment

is known as:

Business

1 answer:

vichka [17] · Answer 1 · 2022-06-01T17:33:20+03:00

Answer:

Option Contract

Explanation:

According to the Laws Termination of the Power of Acceptance, there are four types of offer terms. These types are Counter Offer, Option Contract, Conditional or Qualified Acceptance, and Firm Offer. With these 4 types being the options, based on the description given in the question we can say that the one being described is an Optional Contract. Which as described in the question is a contract that is held open for a period of time in which it cannot be revoked.

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