What is an option contract?
A) a separate contract to keep an offer open for a set period of time
B) an offer which, by its own term, does not expire for a set period of time
C) a notice that an offer has been revoked
D) an agreement that the offeree may revoke an offer at any time
Question 2
According to Restatement (Second) of Contracts 33, an offer is sufficiently specific if it
A) identifies the party making the offer and the party intended to receive it.
B) contains enough information to know if a party breached and what the remedy should be.
C) lets the offeree know what manner of acceptance is required.
D) describes the subject matter of the contract and names a price.
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