This lesson deals with the duration of offers. The existence of an offer is often an essential element of the bargaining process. Sometimes the offeree's power of acceptance will end so that the offer is no longer valid. This lesson will look at termination of the power of acceptance by termination of the offeror, revocation and counteroffer, rejection, death and lapse.
On completion of the lesson, the student will be able to:
1. Determine whether an offer is open at the time the offeree purports to accept it.
2. Identify the events that can terminate an offer.
3. Explain when a counteroffer is made by an offeree.
4. Give examples of situations where an offer is either revocable or not revocable.