Example: In the preceding example under comment No. (1), if 5 had offered to grant B a week's time if B would give P20,000 may 5 still withdraw the offer of option before B signifies his acceptance thereof? ANS.: Yes, because here the option does not yet exist. (NOTE: When the law therefore says "except when the option is founded upon a consideration, as something paid or promised," the word "option" here refers to a "perfected contract of option," that is, the option already exists.) Problem: In an advertisement for bidders, there was NO reservation by the advertiser that he could reject any and all bids. Now then, is he still given the right to reject even the highest bidder (as when the offer is to sell) or the lowest bidder (as when his offer is to buy)? ANS.: Yes, for the rule is that "the advertiser is not bound to accept the highest or lowest bidder, unless the contrary appears." (Art. 1326, Civil Code). under