Usually an offer may no longer be accepted following termination of the offer. D
ID: 449311 • Letter: U
Question
Usually an offer may no longer be accepted following termination of the offer. Describe each of the ways an offer may be terminated. If I attempt to accept an offer that has already terminated, what happens?
If I offer to sell you my car, for $24,000.00 and you say "I will let you know next week, just before class" and a week later just before class I say "I changed my mind I am keeping my car" -- what is the result if you then say "I went to the bank, withdrew the $24,000.00 in cash and I already leased a one (1) year parking spot for the car -- here is the money."
Explanation / Answer
An offer cannot be accepted it has terminated and there are 4 methods of termination
1. Lapse of time: unreasonable delay in response or lapse of time stated
2. Revocation by offeror: unambiguous statement by offeror to offeree or conduct by offerer which offeree is aware of that indicates revocation.
3. Rejection by offeree: Either direct words, conduct or indirect:
4. By operation of law
An offer may be terminated at any time before it is accepted here in this case there was no acceptance of offer so far. The offeror may also withdraw his offer at any time prior to acceptance unless the offer is held open by an option contract and that was not the case here it was only a verbal offer without any acceptance with the ambiguous sentence “I will let you know next week just before the class”. An offeree's power of acceptance may also be terminated by the offeree's communicated rejection. The rejection is effective from the moment that it is received by the offeror. A counteroffer or conditional acceptance both indicate an unwillingness to agree to the terms of an offer and operate as a rejection.
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