Final answer:
An offeror can generally revoke an offer before it is accepted, but not if the offer is in writing, has a time limit, pertains to real estate, or includes a counteroffer. In real estate, both parties can terminate an agreement if the owner can't deliver possession, leading to a full refund. Similar principles apply to job offers where conditions like starting dates and salary can be negotiated.
Step-by-step explanation:
The subject of this question pertains to conditions under which an offeror may cancel an offer before its acceptance. In general, an offer can be revoked at any time before acceptance, but there are exceptions. For example, if an offer is made in writing, specifies a time limit for acceptance, is related to a real estate transaction, or includes a counteroffer, the offeror may be bound to the terms until the offer expires or is lawfully withdrawn. When dealing with real estate, if the owner cannot deliver possession on the agreed date due to loss, destruction, or the prior occupants' failure to vacate, either party can terminate the agreement with written notice. Such termination relieves both parties from liability and warrants a full refund of any payments made.
Similarly, when accepting a job offer, elements such as starting dates, salary negotiation, and other employment contract terms can be negotiated. This is indicative of the importance of the offer and acceptance phase in forming binding agreements, whether in employment or real estate situations.