Lesson 2b Ways in which offer can be terminated

Which of the following is a valid way to terminate an offer that has not yet been accepted?

• Mutual agreement

• Acceptance of the offer

• Ignoring the offer

• Revocation by the offeror

An offer can be terminated by the occurrence of which of the following events?

• Change of mind by the offeree

• Expiration of a specific time period

• Offeree's interest in the offer

• Invitation to treat

If an offeree makes a counteroffer, what happens to the original offer?

• It remains valid until accepted

• It terminates immediately

• It can be accepted concurrently

• It becomes binding

What is the impact of the death of the offeror on the offer?

• The offer can still be accepted after death

• The offer automatically terminates

• The offeree can proceed to negotiate

• The offer remains valid for a year

Which of the following actions will NOT terminate an offer?

• Revocation by the offeror

• Acceptance by the offeree

• Rejection by the offeree

• Subsequent illegality of the subject matter

What happens to an offer if it is not responded to before a stated deadline?

• It automatically becomes a counteroffer

• It stands indefinitely

• It is considered terminated

• It remains open until the offeror decides

An offer to sell a specific item is terminated if the item is destroyed. What is this called?

• Impossibility/

  Destruction

• Subjective rejection

• Mutual mistake

• Temporary suspension

Which of the following could be a reason for the automatic termination of an offer?

• An inquiry about the offer

• Death of either party

• Change in offeror’s address

• Written acceptance by the offeree

How can an offeree terminate an offer?

• By making a vague statement about the offer

• By remaining silent

• By waiting for two weeks

• By proposing an alternate offer

An offer ceases to be viable if it becomes illegal. This concept is known as:

• Revocation

• Lapse due to illegality

• Acceptance nullification

• Mutual consent revocation