Final answer:
An offer can be terminated through revocation, rejection, or expiration of time.
Step-by-step explanation:
How may an offer be terminated? Choose 3 answers.
- Revocation: An offer can be terminated if the offeror withdraws it before the offeree accepts it. For example, if John offers to sell his car to Sarah for $10,000, but later changes his mind and tells her the offer is no longer valid, the offer is terminated by revocation.
- Rejection: An offer can be terminated if the offeree declines or rejects it. For instance, if Susan offers to lend $500 to her friend Alex, but Alex refuses the offer, the offer is terminated by rejection.
- Expiration of Time: An offer can be terminated if a specific timeframe for acceptance is specified and that timeframe passes without acceptance. For example, if Tim offers to sell his bicycle to Linda for $150 but states that she must accept the offer by the end of the week, and Linda fails to accept within that timeframe, the offer is terminated by expiration of time.