Due to _______ an offer by a prospective purchaser can be terminated prior to acceptance.

Prepare for the Champions Law of Contracts Exam. Access multiple-choice questions with hints and explanations, and flashcards to enhance your study. Ensure you're ready for the exam!

An offer can be terminated prior to acceptance for several reasons, making "all of these are correct" the accurate choice. Each of the provided scenarios illustrates a valid circumstance under which an offer ceases to be viable.

The expiration of a specified time period is a common reason for the termination of an offer. If an offer includes a timeline or if a reasonable time has elapsed since the offer was made without acceptance, the offer is no longer valid.

Bankruptcy of either party can also terminate the offer. When one party becomes bankrupt, it affects their ability to enter into contracts, thereby terminating any outstanding offers they may have made.

Additionally, a change in the law that renders the contract illegal would also automatically terminate the offer. If a new law is enacted that prohibits the subject matter of the offer or the performance under the prospective agreement, the offer becomes void.

These scenarios illustrate important legal principles of contract law, underscoring the dynamic nature of offers and the factors that can influence their validity before any acceptance occurs.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy