What occurs when an offer is made with a stated time limit?

When an offer is made with a stated time limit, it can indeed be accepted, rejected, or counter-offered by the offeree before the time limit expires. This option reflects the standard practices in contract law concerning offers. As long as the offeree responds within the specified time frame, they have the flexibility to choose one of those three actions.

Additionally, while the offer remains valid during the specified time, it does not mean that it cannot be altered or rejected prior to acceptance. Counter-offering is also a common practice, whereby the offeree can propose new terms, effectively starting a negotiation process based on the initial offer. This makes the option encompassing acceptance, rejection, or counter-offering the most accurate reflection of how offers function within the confines of a time limit.

The other choices present different concepts. The ability to revoke an offer at any time is not applicable here, as the stated time limit creates an expectation for consideration of the offer during that period. While the offer does become void once the time limit expires, the choice does not capture the actions available to the offeree before that expiration. Lastly, the notion that an offer must be accepted to be legally binding does not fully encompass the dynamics at play, as offers can also be legally