George made an offer to Jacob to sell his house for $1 million. The offer was received by Jacob on May 1, 2014, and he stipulated that he had 13 days to accept it. But Jacob could not arrange the money, and on May 16, 2014 he made a counteroffer to buy the house for $850,000. Which of the following is true of the original offer made by George to Jacob?
A) It is terminated by the counteroffer.
B) It is still valid as the house has not been sold.
C) It is invalid due to lapse of the stated time.
D) It is invalid due to incompetency of the offeree.
Correct Answer:
Verified
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