Final answer:
Parties can create offers that cannot be ended by the offeror by using an option contract, which grants the offeree the right to accept the offer within a specified time period. This ensures that the offer remains open, even if the offeror tries to withdraw it.
Step-by-step explanation:
In contract law, parties can create offers that cannot be ended by the offeror through the use of an option contract. An option contract is a separate contract that gives the offeree the right to accept the offer within a specified time period, regardless of any attempts by the offeror to withdraw the offer. By creating an option contract, the parties can ensure that the offer remains open until the expiration of the specified time period, providing the offeree with the opportunity to accept the offer.
For example, if Party A offers to sell a car to Party B and Party B pays Party A a sum of money in exchange for the option to accept the offer within the next 30 days, Party A cannot terminate the offer during that time period. Even if Party A changes their mind and no longer wants to sell the car, they are legally obligated to keep the offer open until the option period expires. This gives Party B the security of knowing that they have the exclusive right to accept the offer within the specified time frame.
Option contracts are commonly used in business transactions to ensure that offers remain binding for a specified period of time, allowing the offeree to carefully consider the terms before making a decision.