Contracts and Sales Multistate Bar Practice Exam

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Enhance your knowledge for the Contracts and Sales Multistate Bar Exam. Deep-dive into our interactive quiz designed to refine your understanding with detailed explanations and example scenarios, ensuring you're ready on exam day!

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Which is NOT a method of terminating an offer?

Revocation
Rejection
Acceptance
Lapse of Time

The correct answer is: Acceptance

In contract law, an offer can be terminated through several methods, and understanding these is crucial for addressing how offers function and when they are no longer valid. Acceptance is distinct from the methods used to terminate an offer; instead, it marks the moment when the offer is formally accepted and a contract is created. Revocation refers to the offeror's right to withdraw the offer before it is accepted. Rejection is the action taken by the offeree to refuse the offer, resulting in the termination of that specific offer. Lapse of time occurs when an offer is open for a specified duration or, if no duration is mentioned, it expires after a reasonable time. Since acceptance does not end or negate an offer but rather completes the contract process, it is correctly identified as not being a method of terminating an offer. Understanding this distinction is key in recognizing the dynamics of contract formation and the lifecycle of offers.