Business Law Study Set 5
Quiz 10: The Agreement: Offer
The Offeror Is Said to Be the "Master of the Offer
The offeror is said to be the "master of the offer." This means that offerors have the power to determine the terms and conditions under which they are bound to a contract.
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Bob offers to sell his bike to Sue for $100,and promises to keep his offer open for five days.Sue thanks him and leaves.At this point,Bob still has the power to revoke his offer.
Offers that fail to provide a specific time for acceptance are invalid because they are deemed to be indefinite.
A revocation is effective at the time it is dispatched by the offeror.
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