Which of the following statements is true of a revocation?
A) It can be made by the offeree.
B) It needs to be received by the offeree to be effective.
C) It can be done even after acceptance of the offer.
D) It can be applied to an option contract.

Question

Quizplus · Accepted Answer

A revocation is the withdrawal of an offer by the offeror before acceptance by the offeree. It needs to be received by the offeree to be effective. Option contracts are an exception to revocation, where the offeror cannot revoke the offer during the option period. Revocation can only be done by the offeror and not by the offeree. Once an offer is accepted, it becomes a binding agreement and cannot be revoked.

Which of the Following Statements Is True of a Revocation