Can the acceptance be revoked?
Can the acceptance be revoked?
A proposal can be revoked anytime before the acceptance is complete against the proposer so as to create a binding contract. And an acceptance can be revoked anytime before the communication of acceptance is complete against the acceptor. The mode of communication should be as prescribed.
How and When may an offer be revoked?
Offer may be revoked by a communication of a notice of revocation by the offeree to the other party before acceptance is complete against the offerer himself. An offer made in writing may be revoked by words of mouth. A notice of revocation to be effective must be communicated to the offeree.
Is it possible to revoke the acceptance which is already made?
Section 5 of the Indian Contract Act, 1872 lays down the rules of Revocation of Proposal. Section 5 says that a Contract can be revoked any time before the communication of acceptance is made to the proposer and not afterwards. Once the communication of acceptance is made then the contract cannot be revoked.
How an acceptance can be terminated?
Termination of the offeree’s power of acceptance can result from any of the following six causes: expiration or lapse of the offer, rejection by the offeree, a valid revocation of the offer by the offeror, and.
Who can accept the offer?
the offeree
An offer can only be accepted by the offeree, that is, the person to whom the offer is made.
Who can revoke an offer?
Revocation of offer is the withdrawal of an offer by the offeror so that it can no longer be accepted. Revocation takes effect as soon as it is known to the offeree. An offeror may revoke an offer before it has been accepted, but the revocation must be communicated to the offeree.
How long can a firm offer remain open?
three months
The firm offer will only last for the period of time stated in the offer. If no time period for the offer to remain open is stated, it will stay open for a maximum of three months.
What is a revocation of an offer?
A revocation of offer is the withdrawal of a previous offer to engage in some sort of legally binding contract. The previous offer had to have been such that it would have immediately become legally binding if the other party had formally agreed to it.
How many ways can you terminate an offer?
seven ways
An offer terminates in one of seven ways: revocation before acceptance (except for option contracts, firm offers under the UCC, statutory irrevocability, and unilateral offers where an offeree has commenced performance); rejection; counteroffer; acceptance with counteroffer; lapse of time (as stipulated or after a …
What is the offer duration?
23. Duration Of Offer. An offer remains open for acceptance: (1) The time stated; or (2) if no time is stated, a reasonable time; provided in either case it is not sooner withdrawn. The offeror may in making the offer expressly stipulate how long it shall remain open, but more than likely he will say nothing about it.