Kai offers to sell a rare book to Penny for $1,000.Penny wants to do more research first,but gives Kai $10 to hold the book for her for a week so she can buy it at the end of the week if her research shows the book is worth it.Kai takes Penny's $10 but dies the next day.Penny notifies Kai's widow that she wants to buy the book anyway.Does Penny have the right to buy the book for $1,000?

Question

Quizplus · Accepted Answer

A)If the parties had already entered into an option contract to hold the offer open for a set period of time,the administrator of the offeror's estate or the guardian of the offeror must hold the offer open until it expires in accordance with the option contract.The option contract lasted for a week,so Penny had a week to exercise her option.
B)If the parties had already entered into an option contract to hold the offer open for a set period of time,the administrator of the offeror's estate or the guardian of the offeror must hold the offer open until it expires in accordance with the option contract.The option contract lasted for a week,so Penny had a week to exercise her option.
C)If the parties had already entered into an option contract to hold the offer open for a set period of time,the administrator of the offeror's estate or the guardian of the offeror must hold the offer open until it expires in accordance with the option contract.The option contract lasted for a week,so Penny had a week to exercise her option.
D)If the parties had already entered into an option contract to hold the offer open for a set period of time,the administrator of the offeror's estate or the guardian of the offeror must hold the offer open until it expires in accordance with the option contract.The option contract lasted for a week,so Penny had a week to exercise her option.
E)If the parties had already entered into an option contract to hold the offer open for a set period of time,the administrator of the offeror's estate or the guardian of the offeror must hold the offer open until it expires in accordance with the option contract.The option contract lasted for a week,so Penny had a week to exercise her option.

Kai Offers to Sell a Rare Book to Penny for $1,000.Penny