Sample Contracts Bar Prep Class: Revocation of Offer
Sample Contracts Bar Prep Class: Revocation of Offer: Are you wondering if JD Advising’s bar exam classes are right for you? Check out this sample class where we discuss revocation of an offer, a common area of confusion in contract law!
Sample Contracts Bar Prep Class: Revocation of Offer Substantive law overview!
The general rule is that an offer can be revoked any time prior to acceptance. So, the first thing you have to check is whether the offer has been accepted! If the offer has been accepted it cannot be revoked!
Even if the offer has not been accepted, there are four instances when it nonetheless cannot be revoked. The mnemonic to help you remember these exceptions is FOUR!
An offer cannot be revoked if the offer is made by a merchant, it gives assurance that the offer will be held open, it is a contract for the sale of goods (UCC), there is a signed writing, and it is held open for a stated time, or a reasonable time will be implied (but, either way, it cannot be over three months).
*Note: we provide examples of this and of each of these in the youtube video below!
If the offeror has promised to keep the offer open and this promise is supported by consideration, then an option contract has been created and the offeror cannot revoke the offer.
Beginning performance of a unilateral contract.
An offer may not be revoked if the offeree has begun performance on a unilateral contract. If the offeree has begun performance, the offeror must leave the offer open for a reasonable amount of time to allow the offeree to complete performance.
Reasonably foreseeable substantial reliance.
An offer may not be revoked if there has been reasonably foreseeable detrimental reliance on the offer by the offeree. Bar Exam Tip: this almost always comes up in a bidding situation!
For examples of each of the above exceptions, and for an oral explanation (if you are an auditory rather than visual learner!) check out this video:
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