Terminating Offer

• Offer could be revoked by:
  • words, writing, acts, death, destruction
• Communication of revocation
  • Could be expressed or implied
• Firm offer
  • If you want a firm offer, pay for it (show detriment) to have offer held open.
    • Set amount of time to decide without a firm offer could result in person selling product within the set time to decide.
• Unilateral contract
  • A contract that is created with an offer asking for a performance.
  • Only one enforceable promise
  • Can only be accepted by performance
  • Offeree must be aware of the offer when performance takes place
  • Ex. Whoever eats all this food will get free meals for a week.
    • Reward offer must be accepted by an offeree who knows of the offer.
    • If someone has begun performance, offer must remain open.
  • Offer could be terminated once that person who began performance.

• Rejecting Offer
  • Ends the offer
• Counter Offer
  • Also terminates the offer
  • Counter offer eliminates the offer because it is a new offer
    • Ex. Elizabeth offers to sell Lana a pig for $100. Lana says, well, how about $80? The $80 is the new offer, and it is now Elizabeth’s right to accept or reject Lana’s offer. The original $100 offer is no longer valid once Lana offered $80.

Mirror Image Rule

• Offer and acceptance must be mirrors/the same as each other
  • Ex. Cannot be: Elizabeth offers to sell pig for $100, and Lana says okay, $80. *Must be original offer.
• Last Shot Rule
  • Offeree accepts a counter-offer implicitly by lack of objection
  • Only occurs if performance
  • Offer and acceptance don’t match, but parties perform
    • Ex. Lana says okay, $80, and Elizabeth gives the pig.