BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -If an offer has been made, the offering party has a right to withdraw it up to formal acceptance by the offeree. Revocation basically serves as formal, legally verifiable notice that a withdrawal was made, and it’s valid so long as it is communicated to the offeree before they accept.

Detailed explanation-2: -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-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: -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.

Detailed explanation-5: -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.