Offer Revocation

Offer revocation refers to the withdrawal of an offer before it has been accepted. In other words, if one party proposes a deal or contract, they have the right to change their mind and cancel that offer as long as the other party hasn’t accepted it yet. This must be communicated clearly to avoid misunderstandings. However, certain legal principles, like consideration or reliance, might limit the ability to revoke. It’s important to know that once an offer is accepted, it becomes a binding agreement, and revocation is no longer possible.