Once a Person Has Promised to Hold an Offer Open

question 67

True/False

Once a person has promised to hold an offer open for a specified period of time, he cannot change his mind.

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Definitions:

Scienter

In legal contexts, scienter is the knowledge or intent to deceive, defraud, or violate statutes or regulations.

Representations

Statements or assertions made by one party to another, often regarding the condition or status of something, which can impact agreements or contracts.

Innocent Misrepresentation

A misrepresentation made without fault or knowledge of its falsity, which may allow the misled party to void the contract but not claim damages.

Intentionally Deceptive

Deliberately misleading actions or statements designed to make someone believe something that is not true.