The firm offer rule allows the offeror to revoke an offer at any point of time prior to its acceptance.

Name: The firm offer rule allows the offeror to revoke an offer at any point of time prior to its acceptance.
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Question

Quizplus · Accepted Answer

The firm offer rule, also known as the option contract rule, applies to merchants and requires them to keep an offer to buy or sell goods open for a stated period of time, which cannot be revoked. Therefore, the offeror cannot revoke the offer during its specified period of time.

The Firm Offer Rule Allows the Offeror to Revoke an Offer