Which of the following is true with regard to contract law?
A)An option is a contract in which one person is buying a period of time within which he may accept the offer contained within the option.
B)A newspaper notice offering to pay a reward for the return of lost kittens is an invitation to treat.
C)A revocation is effective only when sent.
D)An important criterion for determining the place of the contract is the place where the offer is mailed.
E)A counter-offer does not end an offer.

Question

Quizplus · Accepted Answer

An option is a type of contract where one party pays for the right to be able to accept an offer within a set period of time. This is often used in real estate transactions, where a potential buyer may pay for the option to purchase a property within a designated timeframe.

Which of the Following Is True with Regard to Contract