An Option Is Itself a Contract to Refrain from Revoking

question 13

True/False

An option is itself a contract to refrain from revoking an offer.

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Definitions:

Imaginary Audience

A psychological and social phenomenon where an individual imagines and believes that multitudes of people are enthusiastically listening to or watching them.

Personal Fable

A cognitive distortion found in adolescence, where the individual believes themselves to be unique and destined for greatness.

Metacognition

The awareness and understanding of one's own thought processes, often involving the monitoring and control of cognitive strategies.

Hypothetical-Deductive Reasoning

A cognitive process involving the formulation of hypotheses and deducing their logical or empirical consequences.