Colorado Car Sales Practice Test

What is the status of the advertisement if no time is specified and it has been published for five days?

1. It is void

2. It becomes outdated

3. It must be honored at the advertised price

4. It can be revised

The correct answer is: It must be honored at the advertised price

In Colorado's advertising practices, when an advertisement is published without a specified time limit, it is presumed to be a standing offer that must be honored at the advertised price for a reasonable period, typically interpreted as until the advertisement is no longer current or relevant. Since the ad has been available for five days, it is within the expectation that the seller must honor the terms of the ad, including the price, unless explicitly stated otherwise. The understanding is rooted in consumer protection laws that aim to ensure fairness in advertising. Consequently, if an advertisement is allowed to remain publicly available, it establishes an obligation for the seller to fulfill the terms as advertised during that period, thereby protecting consumers from misleading practices. Other options like void status, becoming outdated, or being subject to revision do not apply as readily, given that the advertisement maintains its validity in the absence of any specified expiration date. Honoring the advertised price reinforces the integrity of the transaction and upholds the principle of fair dealing in sales practices.