Walter puts an ad in the paper as follows: "$500 reward for the return of my golden ring." Albrecht finds the ring and returns it to Walter,but he refuses to pay Albrecht the $500.Which of the following statements is true regarding this case?

Question

Quizplus · Accepted Answer

The concept of promissory estoppel is often used to prevent unfairness in unilateral contract offer withdrawals.The general rule that the offeror can revoke at any time prior to acceptance causes special problems when the offer is for a unilateral contract.Since the above case is a unilateral contract,Walter cannot revoke the offer and is bound to pay the $ 500 to Albrecht.

Walter Puts an Ad in the Paper as Follows: "$500