Contracts (Offer+Acceptance)

Question 1

Merchants Firm Offer Rule

Answer 1

An offer by a merchant in a signed writing, which by its terms gives assurance that it will be held open, will not be revocable for the time stated.

MUST BE SIGNED BY MERCHANT OFFEROR

Question 2

An offeree’s counteroffer ___ the original offer

Answer 2

Terminates

Offer no longer acceptable

Question 3

What is the difference between a mere inquiry and a counteroffer?

Answer 3

A mere inquiry does not terminate the original offer. It is more of a soft question like “would you conisider…” or “would you be open to…”