If a(n)________ contract exists,the administrator of an offeror's estate must hold the offer open until it expires in accordance with the contract.
A)bilateral
B)unilateral
C)executed
D)option
E)implied-in-law

Question

Quizplus · Accepted Answer

An option contract is an agreement whereby the offeree gives the offeror a piece of consideration in exchange for the offeror's agreement to hold the offer open for the specified period of time.There are a number of situations when you might want to enter into an option contract.For example,if the person who made the offer is ill,and you are afraid he or she might die,you might want to enter into an option contract because you would then still have the time of the option to enter into the contract with the estate of the offeror; otherwise,the offer dies with the offeror.

If A(n)________ Contract Exists,the Administrator of an Offeror's Estate Must