The length of an offer varies depending on the subject matter of the contract.
When someone makes an offer to enter into a contract, it does not stay open forever. The length of an offer varies depending on the subject matter of the contract. How Long Does An Offer Last? If the offer does not specify a period on time which it must remain open, then it ends after the passage of a reasonable period of time. This reasonable period of time really depends on what the parties are dealing with, and its determination varies between different states. For example, an offer dealing with perishable goods like vegetables and fruits will have a shorter period of time than something like a house or a car. Can The Offeror Revoke His Offer Before The Time Expires? Even if the offeror says that he/she will keep the offer open for you for a specific period of time, the offeror can still revoke his/her offer anytime before you have accepted the offer. This is the general rule, but there are exceptions. What Are The Exceptions? The following are some common exceptions to the offeror¿s right to revoke his/her offer: - Option contract - which is a promise made by the offeror to keep the offer open for a specific period of time for a specified price. If the offeror revokes before that time has come, then he/she will be in breach of the option contract.
- Unilateral contract - if the offeror offers to pay the other party if the other party can complete some act (e.g. wash a car or mow the lawn), the offeror cannot revoke his offer if the other party has already substantially performed or in some cases has begun to perform.
- Reliance - if the other party has reasonably relied on the offeror to keep the offer open and will suffer injustice if the revocation is allowed, then the court may forbid the offeror from revoking his/her offer.
- Firm offer - when a business owner who sells merchandise makes a firm written offer to sell to a buyer, that business owner normally cannot revoke the offer if he/she has specified a period of time in which to keep the offer open, or if no time has been set, a reasonable period of time not longer than 3 months.
Should I Consult an Attorney when Drafting and Reviewing Contracts?
Contract negotiations, especially in the context of important financial contracts, can be tolling and difficult. An attorney can assist you with negotiations so your needs and requirements will be met. Additionally, a lawyer can help you with drafting and reviewing contracts, and explain to you your duties under the contract. An attorney will look out for your best interests throughout the entire contract process. |
