Contracts
What happens to an offer if it is not accepted before the stated expiration time?
AIt automatically becomes a counteroffer
BIt expires and is no longer valid✓ Correct
CIt remains open for 3 additional business days
DIt becomes binding on the offeror only
Explanation
An offer must be accepted within the time specified (or within a reasonable time if no deadline is stated). If the offeree does not accept before expiration, the offer lapses and cannot be accepted. The offeror is no longer bound.
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