Law 5110 Study Guide - Quiz Guide: Posting Rule, Fax
Document Summary
Revocation: when the offeror is no longer bound by his offer, revocation is in the interest of the offeror. England: english law always allows for revocation, even if the offeror included a deadline for acceptance, the reason for this extreme view lies in the doctrine of consideration. In these two cases, revocation has effect, but the offeror must compensate damages the offeree suffers as a result. If the offeror does not revoke the offer and the offeree does not accept it either, then the law provides rules on when an offer ceases to exist. This so-called lapse can happen in different scenarios: the offer is rejected, a circumstance that causes the lapse of an offer, according to art. When a rejection of an offer reaches the offeror, the offer lapses. : an offer lapses when the offeree rejects it. If ann offers to sell ben her car on.
