Saturday, October 27, 2007

How is an offer terminated?

Acceptance,
Counter offer,
rejection,
(just say no)
lapse of time or inaction by the oferee - offer is not exclusive

Operation of law - independent of what parties are doing (the legal system or court determines that events operate in a certain way) ie. intervening illegality (between time offer is made and acceptance is given the subject matter becomes illegal - Prohibition)
Subject matter is destroyed (between time offer is made and acceptance the subject matter is destroyed)
Mental of physical incapacity of either party

Option contract - Pay a certain sum of money to enter into a contract to hold the offer open a certain amount if time

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