The revocation of an agreement refers to the cancellation or withdrawal of an offer or acceptance in contract law before the official formation or completion of the contract. In simpler terms, it allows one party to opt-out from a proposed contract before it becomes legally binding.
Here are the key points regarding the revocation of a contract:
Notice of Revocation:
To effectively revoke an offer, the revocation must occur
before the acceptance.
The communication of revocation must reach the offeree
before they mail their acceptanceand make it irrevocable.
For instance, if Jay proposes to sell his house to Veeru by letter, Jay can revoke the proposal at any time before or at the moment when Veeru posts his acceptance, but not afterwards.
Lapse of Time:
If the acceptance is not communicated within the stipulated time frame, the offer may lapse.
For example, if the offer specifies that acceptance must be conveyed within fourteen days, and the offeree fails to do so, the offer becomes invalid.
Failure to Accept Condition Precedent:
If the acceptance is contingent upon a specific condition (a condition precedent), the offeror can revoke the offer if the condition is not met.
The revocation must occur before the acceptance becomes effective.
How can the revocation of an agreement be done?
Ganga
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2024-02-13T10:55:29+00:00 2024-02-13T10:59:51+00:00Comment
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