If an offeror receives something of value in return for a promise to hold the offer open, it is said to be a(n), and this type of offer cannot be revoked.
A)option
B)counteroffer
C)invitation to make an offer
D)definite offer

Question

Quizplus · Accepted Answer

An option is a contract in which the offeror receives something of value in exchange for a promise to keep the offer open for a specified period, during which it cannot be revoked.

If an Offeror Receives Something of Value in Return for a Promise