BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Revocation means an offer is withdrawn by the offerer. The general rule was established in Payne v Cave [1] that an offer can be revoked at any time before acceptance takes place. However, the revocation must be communicated effectively directly or indirectly to the offeree before acceptance [2] .

Detailed explanation-2: -A revocation of the offer is the cessation of a prior proposal to enter into a legally binding deal. The original offer must have been that kind of, and if the other party had formally accepted it, this would have instantly become legally enforceable.

Detailed explanation-3: –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-4: -Revocation by Offeror-Generally, the offeror may revoke an offer at any time before the offeree accepts it. If the offeree has already accepted the offer, a valid contract exists and an attempt to revoke the offer may constitute breach of the contract.

Detailed explanation-5: -An offer may be terminated through lapse of time, the death of the offeror or offeree, the failure of some condition or contingency, by rejection (or counter-offer), and by communication of a revocation of the offer. An offer may be revoked any time prior to its acceptance.