A contract that binds the offeror to keep an offer open for a specified period of time is known as:
A) a offer with reserve.
B) an option.
C) promissory estoppel.
D) a unilateral contract.

Question

Quizplus · Accepted Answer

An option contract is a type of contract that keeps an offer open for a specified period of time, allowing the offeree to accept the offer within that time frame without the offeror being able to revoke it.

A Contract That Binds the Offeror to Keep an Offer