Option Contracts and Irrevocable Offers

Generally, offers are freely revocable. The offeror is the master of the bargain, and she can "revoke" and terminate the offer upon communication of her intent not to contract to the offeree. However, there are situations in which an offer become irrevocable. This video will focus on the most common way offers are irrevocable under common law: option contracts. It will also introduce firm offers under statutory law and the equitable doctrine of part performance, both of which make offers irrevocable for a period of time.