BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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.

Detailed explanation-2: -(i) Withdrawal of an offer can only be made before or at the same time as arrival of an offer; while revocation takes place at the time when an offer has already reached the offeree but this party has not yet despatched an acceptance.

Detailed explanation-3: -Revocation is an annulment or cancellation of a statement or agreement. In the context of contracts, revocation may refer to the offeror canceling an offer.

Detailed explanation-4: –A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards.” An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.

Detailed explanation-5: -If an offer is not accepted in a certain period, it can lapse and lose its validity. For example, say Party A said they would sell a car to Party B. Party A said they’d give Party B 10 days to decide. After the Day 10, Party A no longer has to hold the car for Party B.