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4.1-13  Irrevocable Offers - Option Contracts

Revised to January 1, 2008

The (offeree: defendant / plaintiff)1 claims that (he/she/it) had an option contract from the (offeror: defendant / plaintiff).  An option contract is a continuing offer to sell.  It may not be revoked until after the time period fixed by the agreement of the parties.  If, for example, I give you an option to purchase my bicycle for $200 for a period of two weeks, then I cannot revoke the offer to sell the bicycle during that two week period, and at any time during those two weeks you can accept the offer and purchase the bicycle for $200.
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1 The term "offeror" and "offeree" have been inserted above as a guide.  The charge should be given in terms of the "plaintiff" or the "defendant," depending on which one is the offeror and which one the offeree.

Authority

Smith v. Hevro Realty Corp., 199 Conn. 330, 336 (1986); 1 A. Corbin, Contracts (Rev. Ed. 1996) § 2.23, pp. 235-39; 1 S. Williston, Contracts (4th Ed. 1990) § 5:15, p. 707.

Notes

This instruction assumes there is a valid option contract.
 


 

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