Art.
1324. When the offerer has allowed the offeree a certain period to accept, the
offer may be withdrawn at any time before acceptance by communicating such withdrawal,
except when the option is founded upon a consideration, as something paid or
promised. (n)
The
article applies only to a situation where the offeror has alloed the offeree “a
crtain period of time to accept”. This is giving the offeree the option to
accept or not to accept within a fixed period of time.
The time
of acceptance will depend on the circumstances:
a. If a
period is fixed by the offeror;
b. If
no period is fixed by the offeror.
Option
contract, concept. It is a contract between the offeror and the
offeree whereby the former grants the latter, for a valuable consideration, the
privilege to buy or not to buy certain objects at anytime within the specified
period and for a fixed price.
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