Offers can be made by either party in a transaction, whether they are buying or selling. Advertisements and price lists are generally not considered offers in the legal sense because they lack the specificity and intent to be bound that true offers require. Offers can also be modified or revoked before acceptance unless they are irrevocable offers under certain conditions.

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An Offer

Question 5

Multiple Choice

An offer:

A) cannot be modified or revoked before acceptance.
B) may be made by either a buyer or a seller.
C) generally includes advertisements and price lists.
D) cannot be modified or revoked before acceptance and generally includes advertisements and price lists.
E) may be made by either a buyer or a seller and generally includes advertisements and price lists.

Correct Answer: