Offer
A manifestation of present willingness to enter a bargain, definite in its terms, communicated to an identified offeree.
An offer creates a power of acceptance in the offeree. It terminates by rejection, counteroffer, lapse of time, revocation (effective on receipt), or death/incapacity. Option contracts and UCC firm offers (signed merchant’s written promise) make an offer irrevocable for a stated period.
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