Question

In contracts that are not between merchants selling goods, a promise to keep an offer open for a certain time period must be supported by the offeree’s consideration. Such agreement to not revoke an offer is called a(n):________.

Answer 1

Option Contract

Step-by-step explanation:

A contract is a legally binding agreement between two parties. In contract law, the agreement to keep an offer open for a certain period of time, within which the contract cannot be revoked by the offeror is known as an Option contract. This must be supported by the offeree's consideration.

If the offeree rejects the agreement, then his right of acceptance has been terminated in most jurisdictions. Other factors that can result in the termination of the offeree's power of acceptance include; a counter offer by the offeree, an expiration of the offer, and a conditional acceptance by the offeree.