Firm offers can be revoked prior to their deadlines by the formation of an option agreement,whereby the offeror pays the offeree to keep the offer open for a specified time.

Question

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Firm offers, once made, cannot be revoked prior to their deadlines if an option agreement is in place, as the purpose of the option agreement is to ensure the offer remains open for a specified period in exchange for consideration.

Firm Offers Can Be Revoked Prior to Their Deadlines by the Formation