Question
Collector Charles displays his special can collection at the local swap meet. Madge sees the collection and is interested in buying it. Charles says he
Collector Charles displays his special can collection at the local swap meet. Madge sees the collection and is interested in buying it. Charles says he will sell the collection for $1,500. Madge says she really likes the collection but is only willing to pay $1,000. Which of the following is correct?
a. Madge's counteroffer terminates Charles's offer of $1,500.
b. If Charles rejects Madge's counteroffer, she can still accept Charles's offer of $1,500.
c. Neither offer is valid. Who would ever pay $1,000 or $1,500 for a special can collection?
d. Madge's offer is an option contract and she cannot revoke the offer.
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