Final answer:
The statement is True; a rejection of an offer in contract law results in the destruction of the offeree's power of acceptance, and the offeror is no longer bound by the offer.
Step-by-step explanation:
The statement 'Once an offer is rejected, the offeree's power of acceptance is destroyed' is True. In the context of contract law, when an offeree clearly communicates to the offeror that they do not wish to accept the offer, the offer is considered rejected. After a rejection, the offeree cannot later change their mind and accept the original offer since the rejection has terminated the offer. The offeror is no longer legally bound to keep the terms of the offer open for acceptance. However, if the offeror still wishes to go forward, they must either extend a new offer or ask the offeree to reconsider the original offer which effectively brings back the power of acceptance under new terms.