Terminating an Offer Flashcards
K Formation
1
Q
terminating an offer
A
offer may be terminated by act of a party or by operation of law
2
Q
acts of parties (termination)
A
- revocation by offeror
- rejection by offeree
- lapse of time
3
Q
lapse of time
A
set time limit or not w/in reasonable time
*argue anything more than 1 month is unreasonable
4
Q
operation of law (termination)
A
- death BEFORE acceptance
- insanity of either party
- destruction of proposed k’s subject matter
- supervening illegality
NOTE: Death does NOT automatically terminate a formed contract –> goes after estate
