Termination of the offer

Question 1

Express Revocation

Answer 1

Offeror expressly revokes the valid offer

Question 2

Option Contract

Answer 2

Irrevocable, offeree is paying additional consideration to buy at a later date

Question 3

UCC Firm offer

Answer 3

irrevocable, 2-205 (a merchant, who regularly deals with goods at issue, needs to be in writing and signs that writing. If time not specified, reasonable time no more than 90 days

Question 4

Detrimental Reliance

Answer 4

Reasonably and foreseeably relying on that offer, that offer becomes irrevocable.

You occurred a detriment relying on that offer.

Question 5

Constructive Revocation

Answer 5

moment oferee learns that the offeror has taken an action that is inconsistent with the continued ability to contract the offer is revoked

the offeree learned that the offeror has sold to someone else and learned from a reliable source that offer is terminated