FE-1 Law Of Contract Practice Questions - FE-1 Final Examination - First Part Law Of Contract Exam

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A promises to keep an offer to sell land open to B for 14 days. On day 5, A sells the land to C. B, who had given no money for the promise to keep the offer open, seeks to hold A to the 14-day period. What is the legal position?

A may revoke the offer at any time before acceptance because B provided no consideration for the promise to keep it open. A is bound for 14 days because A expressly promised to keep the offer open. A is bound because a promise to keep an offer open is enforceable without consideration. B can sue A for breach of the 14-day promise regardless of consideration.

Correct Answer:

A may revoke the offer at any time before acceptance because B provided no consideration for the promise to keep it open.

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