The following Commercial Q&A provides comprehensive and up to date legal information covering:
In answering this Q&A we have limited our research to cover a business contract between two commercial entities.
It is important to consider whether the extension provision in the letter agreement in this Q&A can be considered an irrevocable offer to be accepted by the other party. An offer may generally be revoked at any time before it has been accepted.
However, this is not the case where the offeror’s promise is supported by consideration, or set out in a deed, so as to amount to an option.
The contract of option may be unilateral or bilateral. It may exist either as a separate option contract, or as part of a larger contract such as a sale with an option for the buyer to make further purchases on similar terms or a service or agency agreement with an option by either party to renew.
The effect of the contract of option is to create an irrevocable offer and a power of acceptance. The offer is irrevocable in the sense that it is a breach of the contract of option to revoke it, and its effect is to create a power of
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