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When an offer has been accepted:




37. When an offer has been accepted;a.;a contract always is formed.;b.;a binding agreement probably is formed.;c.;either party may withdraw without consent.;d.;the acceptance is executory.;38. Arthur made a bid at an auction by calling out the amount of $250. The auctioneer noted Arthur's bid. There were no higher bids, and Arthur called out that he was withdrawing the bid. The auctioneer said that it was too late to withdraw the bid.;a.;Arthur's bid is an ordinary offer that can be revoked.;b.;Arthur's bid is firm and cannot be withdrawn.;c.;By noting that Arthur's bid was received, the bid became an option.;d.;By noting that Arthur's bid was received, that was an acceptance of Arthur's offer.


Paper#32587 | Written in 18-Jul-2015

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