When the seller makes an agreement to allow the buyer a specific time limit to make the purchase, _____________ will pass from the offeree to the offeror in return for a firm commitment.

Question

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The term "consideration" refers to something of value that is given in exchange for a promise or performance. In this scenario, the seller is offering a specific time limit for the buyer to make the purchase, and in return, the buyer must provide something of value (i.e. consideration) to the seller in the form of a firm commitment to make the purchase within the given time frame.

When the Seller Makes an Agreement to Allow the Buyer