An offer can be terminated by the following events:
- Refusal The other party refuses to accept the offer.
- Counter-offer It may happen that the offeree does not wish to accept the terms of the offer made and suggests changes to the conditions.
- Revocation Depending on the situation, the offeror may revoke or withdraw the offer at any time before acceptance has been achieved.
- Lapse of Time For instance, if a person made an offer to buy perishable goods, such as bananas, it would be reasonable to expect an immediate and prompt acceptance. However, when more durable goods are on offer, a long period of time may be considered reasonable.
- Death Death by either party before acceptance terminates an offer, unless the acceptor does not know of the offeror’s death and the dead person’s personal representatives are capable of performing the contract. This would not apply if the dead person’s personal services were needed.