An Offer Is Usually Ended If It Is Revoked or Modified by the Offerer Before the Offeree Has Accepted It

Originally, an offer can be revoked or modified by the offerer at any time before it has been accepted. This is true even if the offerer said the offer would remain open for a definite longer time.

The right to withdraw an offer before it is accepted is known as the right of revocation. A modification or revocation is not effective until it is communicated to the offeree or received at the offeree’s mailing address. Until then, the offeree is free to accept the offer as originally made.

An Offer Is Terminated by the Death or Insanity of the Offerer or Offeree

Contracts are agreements voluntarily entered into by the parties and subject to their control. Death or insanity obviously eliminates such control. Therefore the law acts for these parties when they can no longer act and terminates their offers.

Vocabulary

to reject отвергать, отклонять, отводить, отказываться; rejection отказ; неприятие, отклонение

to revoke отменять (предложение), revocation of offer отзыв оферты

in legal effect с точки зрения закона

insanity 1) умопомешательство, душевная болезнь;

2) невменяемость

perishable скоропортящийся

durable equipment оборудование длительного пользования

long-term долгосрочный

to terminate кончать(ся), завершать(ся)

to expire закончиться, истечь (о сроках)