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Contracts • Formation Requirements
K#020
Legal Definition
An offeror may revoke their offer at any time before acceptance. Revocation is effective upon receipt by the offeree. An offer may be revoked by a later unambiguous statement or conduct by the offeror to the offeree that they are unwilling or unable to contract, of which the offeree is aware.
Hypothetical
Hypo 1: Bob is outside standing next to his car. Sam walks by and says, "Gee, I really like your car." Bob says, "I'll sell it to you for $500." Amy overhears this offer and runs up to Bob and says, "Sold!" and tries to shove the money into his pocket. Result: Amy has no power of acceptance because she was not the recipient of the offer. Only Sam may accept Bob's offer. This being said, if Bob wants to accept Amy's offer, he is free to do so because his immediate acceptance of Amy's offer will be sufficient to signal to Sam that his offer has been terminated (after all, how can Sam expect Bob's offer to still be good when he just saw him sell it to Amy).
Visual Aids
