An offer can be revoked before acceptance unless it is:

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Question: An offer can be revoked before acceptance unless it is:

Options:

Correct Answer: Supported by consideration

Solution:

An offer can be revoked before acceptance unless it is supported by consideration, which can create an option contract.

An offer can be revoked before acceptance unless it is:

An offer can be revoked before acceptance unless it is:

Step 1: Understand what an offer is. An offer is a proposal made by one party to another to enter into a contract.
Step 2: Know that an offer can be taken back (revoked) before the other party accepts it.
Step 3: Learn about consideration. Consideration is something of value that is exchanged between parties in a contract.
Step 4: Realize that if an offer is supported by consideration, it cannot be revoked before acceptance.
Step 5: Understand that this creates an option contract, which means the offer must stay open for a certain period.

Revocation of Offer – An offer can generally be revoked by the offeror before it is accepted, but certain conditions can prevent this.
Consideration – Consideration refers to something of value that is exchanged between parties, which can make an offer irrevocable if it creates an option contract.
Option Contract – An option contract is a type of agreement where the offeror agrees to keep the offer open for a specified period in exchange for consideration.