I 1. In order for a revocation to be effective, it must be communicated to the intended offeree (or his agent) by the offeror (or his agent). I 2. On Monday Otto offers to sell his car to Olivia for $400, and promises that he will keep the offer open for five days. Olivia pays Otto $5 to keep the offer open for that period. On Wednesday Mike offers Otto $450 for the car, so that night Otto called up Olivia and said "I revoke my offer." Otto does not have the right to revoke this offer. E 3. If the offeror does not expressly authorize a certain mode of acceptance, then acceptance can be made by any means whatsoever, and is valid upon dispatch. E 4. An offer is effective at the moment it is made by the offeror. F 5. I have made an offer to you to sell the Picasso painting which I own. Unfortunately, tonight the painting is destroyed by a flood. Under these circumstances, the offer is not terminated 6. If the offeree rejects an offer, any subsequent attempt by the offeree to accept will be considered a new offer. I 7. It is possible for a public offer to be effectively revoked even if the intended offeree (or his/her agent) never received the revocation. F 8. An acceptance can be effective before it has been communicated to and received by the offeror. T 9. If one of the parties dies after an offer is made but before acceptance occurs, that usually terminates the offer. I 10. Fog wants to sell her extra television, and Sam Student is interested in it. He says to Fog" How much do you want for your tv?" and Fog responds "I'll sell it to you for $350." Sam responds, "Well, that price isn't bad, but I've got to call my folks tonight and ask them if they'll loan me they money. If I give you $10, will you promise to keep the offer open until 10 am tomorrow morning?" Fog agrees, Sam gives her the $15, then he leaves. Tonight Professor Pete calls Fog and offers to buy her television set for $400. Under these circumstances, Fog cannot legally sell her television to Pete because Sam has already contracted to buy it