BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Death and incapacity do not terminate irrevocable offers. If the laws change prior to acceptance of the offer, the law will terminate the offer because it would become a void contract. In the event that the subject matter of the offer is destroyed prior to acceptance, this constitutes termination of the offer as well.

Detailed explanation-2: - Death or Incompetence: An offerees power to accept is terminated when the offeree or the offeror dies or is deprived of legal capacity to enter into the contract, unless the offer is irrevocable, in which case only the offerees death or incompetence will terminate the offer.

Detailed explanation-3: -The death of the offeror or offeree before acceptance1 may render the offer incapable of acceptance thereafter2.

Detailed explanation-4: -In conclusion, offer can be terminated by Revocation, Rejection, Lapse of time, Conditional Offer, Operation of law, Death, Acceptance and Illegality.

Detailed explanation-5: -Please note that death or incapacity of the offeror does not terminate the offeree’s power of acceptance under an option contract, at least where individual performance by the decedent was not part of the proposed contract. So, for example, the grant of an option to buy property is binding on the decedent’s estate.