An offer can become irrevocable under which circumstances?

An offer can become irrevocable under several circumstances, each of which plays a significant role in contract law.

Detrimental reliance occurs when the offeree has relied on the promise of the offeror in a way that leads to a significant change in position. If the offeree takes action based on the belief that the offer would be honored, it may create an irrevocable situation because it would be unfair for the offeror to retract the offer after the offeree has already taken steps based on that reliance.

Forming an option contract also leads to an irrevocable offer. An option contract is a binding agreement in which the offeror agrees to keep an offer open for a certain period of time in exchange for consideration (something of value). This gives the offeree the right to accept the offer within the agreed timeframe, and during that time, the offer cannot be revoked.

Under the Uniform Commercial Code (UCC), a merchant's firm offer is deemed irrevocable without the need for consideration. This is a specific provision aimed at facilitating commercial transactions and ensuring that offers made by merchants remain open for a specified period.

Given these contexts, it is accurate to say that offers can become irrevocable through any of these mechanisms, which collectively illustrate important principles of contract