Revoking Offer

Question 1

revocation

Answer 1

offeror’s retraction of an offer

Question 2

power to revoke

Answer 2

offeror may revoke offer which effectively terminates offer and offeree’s power of acceptance

NOTE: only offeror may revoke

Question 3

methods of revocation

Answer 3

1. direct/explicit revocation
2. implied revocation

Question 4

direct/explicit revocation

Answer 4

unambigious statement by the offeror to offeree to revoke

Question 5

indirect revocation

Answer 5

1. offeree receives correct information
2. from reliable source
3. of offeror’s unambigious conduct indicating revocation

Question 6

when is revocation effective?

Answer 6

upon receipt

offeree must be aware of revocation
attempted revocation is NOT effective revocation

Question 7

Limitations on revocation

Answer 7

1. only effective upon receipt
2. cannot revoke after acceptance
3. (unilateral ks) start of performance

Question 8

irrevocable offers

Answer 8

1. Option k
2. UCC Firm Offer
3. Detrimental reliance
4. start of performance in unilateral k

Question 9

option K

Answer 9

promise to keep an offer open

CL: consideration REQUIRED
UCC: consideration NOT required

Question 10

UCC firm offer

Answer 10

merchant signed written offer that assures offer is irrevocable for stated time

NOTES:
* merchant’s own stationary = signed
* only offeror needs to be merchant
* if no time states, irrevocable up to 3 months (need to pay consideration for anything after)

Question 11

detrimental reliance

Answer 11

reasonable + foreseeable reliance by offeree

NOT quitting your job because you’re getting a house

Question 12

start of performance (unilateral k)

Answer 12

start of performance makes offer irrevocable for a reasonable time

NOT mere preparation