Term
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Definition
Lapse
Termination by Operation of Law
Rejection
Revocation
Acceptance |
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Term
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Definition
The offer was made and the offeree did nothing.
Offer died, after a reasonable amount of time. |
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Term
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Definition
An offer may lapse in a few moments
--Stocks, bonds, commodities |
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Term
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Definition
| Guaranteeing the offer stays open--money is paid to the offeror |
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Term
| Termination by Operation of Law |
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Definition
If, before the acceptance, any of the three occur:
1) Death
2) Insanity
3) Illegality |
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Term
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Definition
Offeree expressly declines the offer (oral or written)
Gives up power of acceptance and kills the original offer |
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Term
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Definition
The offeror takes back the offer, prior to acceptance
Original offer is killed, no longer exists |
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Term
| 3 Ks that may NOT be revoked |
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Definition
1) Unilateral Contracts
2) Option Ks
3) Merchants Firm Offers in UCC 2-205 |
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Term
| Revocation in Unilateral Ks |
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Definition
Once the performance has begun, it may not be revoked
Performance is acceptance
Can be revoked prior to the action |
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Term
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Definition
Money paid to hold open the K
Cannot be revoked because time limit is enforced
Can be revoked once time runs out |
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Term
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Definition
-Must be a K under the UCC for the SALE OF GOODS
-The offeror must be a MERCHANT
-The offeror must promise in SIGNED WRITING to hold open the offer |
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