4 Ways to Terminate an Offer: Explained

Discover the four key methods to terminate an offer, ensuring you're well-informed on legal foundations.

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An offer may be terminated in four ways: Revocation by the offeror, Rejection by the offeree, Lapse of Time if not accepted within a specified period, and Operation of Law, such as the death or insanity of either party or the destruction of the subject matter.

FAQs & Answers

  1. What happens when an offer is revoked? Revocation of an offer means the offeror has withdrawn the offer before it is accepted.
  2. What does rejection of an offer mean? Rejection of an offer occurs when the offeree declines the proposal, preventing any acceptance.
  3. How does lapse of time terminate an offer? An offer may lapse if it is not accepted within a specified period, leading to its expiration.
  4. What are examples of operation of law? Operation of law can include events like the death of a party or the destruction of the subject matter.

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