An option offer is open for a certain time period and is supported by the offeree's consideration.

Name: An option offer is open for a certain time period and is supported by the offeree's consideration.
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In contracts that are not between merchants selling goods, a promise to keep an offer open for a certain time period must be supported by the offeree's consideration. Such agreement to not revoke an offer is called an option.

An Option Offer Is Open for a Certain Time Period