**Scenario: Offer Revocability in Real Estate Transactions**Richard wants to sell his house "as is" (meaning, "no warranties") for $555,000. His neighbor, Chico, expresses interest in buying the house but wants time to think it over. Chico asks Richard to keep the offer open for five days. Richard gives Chico a written document, without a signature, that states, "Richard will not revoke the offer for five days."Three days later, Richard revokes the offer. Chico argues the offer was not revocable for another two days. Was the offer revocable?**Options:**- Yes, because there was not a valid option.- No, because there was a valid option.- Yes, because Chico did not sign the offer.- No, because there was a valid firm written offer.- Yes, because an offeror can always revoke.

In the case of contract law, consideration refers to something of value exchanged between parties, a…

Answered: Richard wants to sell his house, as is…

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