Hi all,

I have this question

Mayer wrote Jackson on July 1, 2006 and offered to sell Jackson a building for $150,000. The offer stated it would expire on July 31,2006. If a legal dispute arises between the parties regarding whether there has been a valid acceptance of the offer, which of the following is correct?

1. The offer cannot be legally withdrawn for the stated period of time.

2. The offer will not expire prior to July 31, even if Mayer sells the property to a third person and notifies Jackson.

3. If Jackson phone Mayer on August 5 and unequivocally accepted the offer, it would create a contract, provided he had no notice of withdrawal of the offer.

4. If Jackson rejects the offer on July 10th, Jackson cannot validly accept within the remaining stated period of time.

Please help

Thanks,

jak

I eliminated answers a, b & c, which leaves d as the answer, but I'm not sure that's a true statement. Here's what I got from my Bisk book:

"Under the law of contracts, an offer that states it will be held open for a period of time may, without consideration, be revoked any time before its acceptance. In contrast, under the UCC, a signed written offer by a merchant to buy or sell goods in which the merchant gives assurance that the offer will be held open is irrevocable, even without consideration, for a period not exceeding 3 months."

The UCC does not apply to this situation since a sale of realty is involved; the law of contracts applies instead.

Hopes this helps. And let me know if you find the right answer.