Final answer:
The offeree must accept an offer within the specified period of acceptance to create a valid contract. Late acceptance will not result in a valid contract. This concept can apply to various contractual scenarios, including housing agreements where possession of a residence fails to be delivered on time.
Step-by-step explanation:
The statement that an offeree must accept within the period of acceptance to create a contract is true. If the period of acceptance is stated in an offer, the acceptance must occur within this time frame to form a valid contract. Failure to accept within the specified period of acceptance would indeed terminate the power to accept the offer, and any late acceptance will not result in a valid contract.
In the context of a housing agreement, if the owner cannot deliver possession of the residence by the agreed date due to various circumstances as mentioned, either party has the right to cancel the agreement immediately upon written notice. If neither party decides to cancel, the agreement may be adjusted to begin on the actual date of possession