Legal Question in Business Law in Maryland
Contract Law
What is it called when an offer is extended and in response the person gives a dollar, or sum of money, to the offeror in order to extend the time for consideration of the offer?
Asked on 4/23/03, 8:21 pm
1 Answer from Attorneys
G. Joseph Holthaus III
Law Offices of G. Joseph Holthaus
Re: Contract Law
I believe you may be referring to an "option". Framing your question on the basis of facts would be beneficial.
In addition to options, there are also "firm offers" which have a constructive period of being held open.
Hope this answers your question.
Answered on 4/24/03, 1:48 pm
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