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Posted: April 4th, 2022
An attempted acceptance is made a counteroffer
Student’s Name
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Date
Q1
An attempted acceptance is made a counteroffer when the offeree rejects the initial offer and makes a new offer. As such, the counter gives the original offerer 3 options: to accept it, decline it or make another offer and continue bargaining. The counteroffer thus changes the original offer, and by doing so, it releases the individual making the original offer from any obligation.
Q2
An offeree can reject a written offer by providing an express rejection. He/she can do this by mailing a letter, sending an email or making a phone call. The important thing is that the offeror gets to receive the rejection notification (Miller and Gaylord 182). Also, a written offer can be rejected when an offeree makes a counteroffer.
Q3
The example of an offer that limits the offeree’s ability to accept is as follows:
“I offer to sell 4000 gallons of milk monthly for 1 dollar per gallon, but the offer will be held upon for 2 weeks.”
Q4
For bilateral contracts, the general rule is that the offerrer has the power to cancel an offer any time before the offeree accepts it-this is also true for unilateral contracts (Helewitz 68). However, in a unilateral contract an act must be completed rather than a promise given. In this case, the store owner revoked the offer before Jimmy accepted it. The fact that Jimmy had not completed the act means that he had not accepted the offer. Therefore, a contract was not created, and as such, the store owner was not obligated to pay the $10,000.
Q5
Circumstances that would terminate a person’s ability to accept a valid offer are many. One such circumstance is when the offeror revokes the offer. Another circumstance is when an offeree makes a counteroffer. This means that the offeree has rejected the original offer, and would want to make a new one. Other circumstances include lapse of time, death or disability of one of the parties, and when the contract performance becomes unlawful after offer is made.
Works Cited
Helewitz, Jeffrey A. Basic Contract Law for Paralegals. Aspen Publishers Online, 2010 – Essay Writing Service: Write My Essay by Top-Notch Writer.
Miller, Roger L., and Gaylord A. Jentz. Cengage Advantage Books: Fundamentals of
Business Law: Excerpted Cases. Cengage Learning, 2009.
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