When is an offer deemed terminated in law?
As an offeror is not longer bound by an offer that has been terminated, the issue of termination of an offer is of great legal significance. An offer can be terminated in various ways:
[a]. Termination of an offer by lapse of the time that the offeror has given the offeree to accept the offer.
[b]. Termination of the offer by revocation by the offeror.
[c]. Termination by rejection of the offer by the offeree even if the offer is termed "irrevocable". A counter offer is considered in law as a rejection of the offer in most cases, and;
[d]. Termination of an offer by the incapacity of the offeror. Contractual capacity is the competence given by the law on individuals or legal persons to conclude a contract.
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