Because the option is a separate contract, the contract survives and passes to the offeree s estate, which can exercise the option by acceptance within the option period. Thus acceptance by Bollow s estate binds Cherneck to a contract for the sale of the equipment. Jason s offer was a public offer, and he revoked the offer in the same way that it had been originally communicated by means of the newspaper advertisement. Nothing further was required for an effective revocation. Sharith did not have to know of the revocation for it to be effective.
Agreement is one of the requirements of a valid contract.
Here, Carrie s oral offer to sell her set of legal encyclopedias to Antonio met the elements of a valid offer. She seriously intended to sell the books, the terms of the offer were definite, and the offer was communicated to the offeree Antonio. Because she did not revoke the offer prior to Antonio s acceptance and because Antonio apparently had no knowledge of Carrie s sale of the books to Norvel, a valid contract was formed on Antonio s acceptance of the offer. Thus, Carrie, by selling the books to Norvel, is in breach of contract. Tuan s claim that no contract existed because Lewis had given no consideration for Tuan s promise is supported by the preexisting duty rule.