DB offered to sell a cap for $10. Dan asked if she would give him 2 hours to think about it. She said, "Sure." Dan checked eBay, learned the hat was worth $100, but before he could call to accept the offer, she revoked it.
A)There is a contract for the sale of the hat if the 2-hour period had not expired, because she promised to keep the offer open.
B)There is a contract for the sale of the hat, but only if the offer was in writing.
C)There is a contract because of the option.
D)There is no contract because DB revoked the offer prior to acceptance and there was no consideration for her promise to keep it open.

Question

DB offered to sell a cap for $10. Dan asked if she would give him 2 hours to think about it. She said, "Sure." Dan checked eBay, learned the hat was worth $100, but before he could call to accept the offer, she revoked it.​
A)There is a contract for the sale of the hat if the 2-hour period had not expired, because she promised to keep the offer open.
B)There is a contract for the sale of the hat, but only if the offer was in writing.
C)There is a contract because of the option.
D)There is no contract because DB revoked the offer prior to acceptance and there was no consideration for her promise to keep it open.

Quizplus · Accepted Answer

In contract law, an offer can be revoked at any time before it is accepted, unless the offeree has given consideration for a promise to keep the offer open, which creates an option contract. In this scenario, Dan did not provide any consideration to DB for her promise to hold the offer open for two hours, allowing DB to legally revoke the offer before Dan accepted it.

DB Offered to Sell a Cap for $10