BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Revocation in literal sense means to nullify something but in legal phrasing, Revocation of Offer alludes to a withdrawal of an offer made by the offeror/proposer whenever before the acceptor/offeree acknowledges it.

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 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-4: -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.

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.