REVOCATION Flashcards
1
Q
What is Revocation?
A
Unambiguous statement by offeror to offeree or unambiguous conduct indicating unwillingness to K that offeree is aware of.
2
Q
Revocation:
Firm Offer under UCC
A
Offer can’t be revoked for up to 3 months if:
1) Offer to buy or sell goods;
2) Signed written promise to keep open; and
3) Party is merchant.
3
Q
Revocation:
Instances Where Offer Irrevocable
A
1) Option K
2) Detrimental reliance (must be reasonably
foreseeable )
3) Start of performance
4
Q
Rejection of Offer
A
1) Counteroffers kill
2) Adding terms under common law mirror image rule
3) Lapse of time ( e.g. > 1 month)
4) Conditional acceptance
