The term that best describes an agreement whereby the offeree gives something of value to the offeror to keep an offer open is

Name: The term that best describes an agreement whereby the offeree gives something of value to the offeror to keep an offer open is
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Question

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An option is a contract in which the offeree gives consideration to the offeror in exchange for keeping the offer open for a specified period of time, ensuring that the offer cannot be revoked during that period.

The Term That Best Describes an Agreement Whereby the Offeree