Victor Enterprise Inc

Victor Enterprise Inc. writes a letter dated August 1 to Hallway Stores, offering to sell table lamps to Hallway Stores at $80 each for the next one month. In mid August, Victor Enterprises receives an offer from Shine Retailers to purchase the table lamps at a price of $85 each. Can Victor withdraw its offer to Hallway Stores?

A) Yes, as this is only an option.
B) No, since the doctrine of promissory estoppel is applicable.
C) Yes, the offer was simply an invitation to negotiate.
D) No, as this is a firm offer.
E) Yes, the offer may be withdrawn since it lacks consideration.

Correct Answer:

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