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A Proposal/Offer May be revoked at any time, before the communication of its acceptance is complete as against the proposer, but not afterward. If the buyer knew of the nonconformity at the time of acceptance, he can revoke only if he can show he accepted the goods with the impression the seller would cure it and that did not happen.
A bilateral offer can be revoked by the offeror at any time before acceptance. Under the firm offer rule, the fact that the offeror has promised the offeree to keep the offer open for acceptance for a certain period of time does not render such an offer irrevocable.
In a unilateral contract, acceptance may not have to be communicated and can be accepted through conduct by performing the act. [11] Nonetheless, the person performing the act must do it in reliance on the offer. [12] A unilateral contract differs from a bilateral contract, where there is an exchange of promises between two parties. For example ...
Day 4: B's original letter of acceptance arrives, A then records the contract as a sale. B's acceptance of the offer means there is a binding contract – she is obliged to pay for the land or be liable for damages. B is just rejecting the offer, she did not actually revoke her acceptance; Under the posting rule, performance is a means of ...
Ordinarily, an offeror is permitted to revoke their offer at any time prior to a valid acceptance. This is partially due to the maxim that an offeror is the "master of his offer." In the case of options, the general rule stated above applies even when the offeror promises to hold the offer open for a certain period of time.
Revocation can be made by the offeror only before acceptance is made. Also the revocation must be communicated to the offeree(s).Unless and until the revocation is communicated, it is ineffective. See: Byrne v Van Tienhoven (1880) 5 CPD 344. Hudson ‘Retraction of Letters of Acceptance’ (1966) 82 Law Quarterly Review 169
It is a general principle of contract law that an offer cannot be assigned by the recipient of the offer to another party. However, an option contract can be sold (unless it provides otherwise), allowing the buyer of the option to step into the shoes of the original offeree and accept the offer to which the option pertains. [8]
Whether the decision in Cooke v Oxley (3 TR 653) has the effect of allowing the Defendant (McLean) to revoke the offer to sell prior to its acceptance by the Plaintiffs (Stevenson, Jaques & Co). Related to the second issue was a question as to whether the telegram from D at 1.25pm effectively revoked the original offer, notwithstanding that it ...