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Offers on Time


OFFERS ON TIME. All offers might be considered as on time, as the answer must follow the offer and cannot be exactly simultaneous with it. But by an offer on time is meant one in which the offerer gives the person a definite time within which he may accept. Thus the person making the offer may say, "I will give you this hour, or this day to decide," and thus fixes the time during which the offer is to con tinue. The offerer may withdraw the offer within the time as there is no consideration for his agreeing to keep the offer open. But in case an option is given to buy or sell within a certain time, and a consideration paid for it, a complete contract has been made which is binding upon both parties.