List the five methods of termination of an offer
What will be an ideal response?
Generally, the common law provides the following five methods of terminating an offer:
a. Lapse of time. The failure of the offeree to respond within a reasonable time (e.g., 30 days) will cause an offer to lapse.
b. Death of either party. The death of the agent of a corporation, however, will not terminate the contract, because in most cases the company will continue.
c. Destruction of the subject matter. If the item contracted for cannot be replaced because of an accident or occurrence that is not the fault of the offeror, the offer may be terminated.
d. Rejection by the offeree. If the offeree does not accept the offer, it is terminated.
e. Revocation by the offeror. If the offeror withdraws the offer before the offeree accepts it, the offer is terminated.
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