Keeping offer open

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  • #3223736

    I’ve seen instances where a promise/stipulation to keep an offer/contract open are valid and other instances where it’s not honored. I’m confused. Anyone know when an offer must be kept open and when it’s okay to end the offer/contract BEFORE the stipulated time period?

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  • #3224099

    I am going to assume you mean a business offer in business law? There are usually specific terms in each offer, but most of the terms goes around…

    1. Lapse of time – either end time passed, or not responded within 48 hours of time
    2. Counteroffered – which usually immediately void the pervious offer and begin a whole new cycle
    3. Revocation / change of mind – usually come with a penalty
    4. Unable to fulfill certain requirements – like an inspection, or item was no longer available
    5. Emergencies – No longer able to perform
    6. Item value or condition significantly changed
    7. Rejection – no deal was reached. No obligation. Both parties free to leave

    NY - CPA

    New York - NYC
    Passed CPA Exam (11/2014)
    In search for a position in NYC that will fulfills the license requirement.

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