Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000. After mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind about selling. In this case, Elmer:

Question

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Elmer can revoke his offer at any time before Fred accepts it because there is no consideration given by Fred to keep the offer open. An offer in a contract can generally be revoked by the offeror unless there is consideration for keeping the offer open (such as in an option contract) or other specific legal conditions apply, none of which are indicated in the scenario provided.

Elmer Wrote a Letter to His Friend Fred Offering to Sell