offer and get out of the deal before the other accepts the other cannot do

Offer and get out of the deal before the other

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offer and get out of the ‘deal’ before the other accepts, the other cannot do anything about it — even though he or she may have honestly thought that there was a binding contract. So, if A writes to B offering to sell B 1,000 widgets for $50 each at the same time that B writes to A offering to buy 1,000 widgets at $50 each there is, at that point, no contract — because neither party has formally accepted the other’s offer. Therefore, at least at that point, neither can force the other to honour the ‘deal’ — there is no “deal” to honour. 3.2.2 Duration of offers Offers do not continue forever. They can be accepted but only while they are still open. Once they terminate, they cannot be accepted. Essentially, two things can happen to an offer: it can be accepted, in which case the offer merges with the acceptance into the resulting agreement and loses its separate character; or it can terminate before it is accepted. Termination can occur in seven distinct ways: by revocation; by rejection; by lapse of time; by change of circumstances; by failure of a condition;
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© Stephen Graw 2012 10 by death of a party; and by supervening incapacity. Revocation Revocation occurs when the offeror formally withdraws his or her offer. Offers can be revoked (withdrawn) at any time before they are accepted — even where the offeror has promised not to revoke them. All that the offeror has to do to revoke his or her offer is to communicate the fact of revocation to the offeree before the offer has been accepted (an offer cannot be revoked after it has been accepted). The problem of communicating revocation of an offer to the world at large is overcome by communicating revocation in the same way in which the offers were made. Offers to the world at large that were made in advertisements can therefore be revoked by similar advertisements placed in the same or substantially similar outlets, directed to the same or a substantially similar audience. Rejection Not all offers are accepted. Offers can be rejected and, if they are, the rejection brings them to an end. So, if an offeree rejects an offer the offer terminates at that point and the offeree cannot later change his or her mind and accept it. Any such subsequent ‘acceptance’ is not really an acceptance at all (because there is nothing to accept). Instead it is a fresh offer (by the original “offeree”) to deal (with the original “offeror”) on the same terms. Like offers, rejections are only effective after they have been communicated. Therefore, if an offeree sends a rejection but then changes his or her mind and withdraws the rejection before the offeror finds out about it, the offer remains open and the offeree can still accept it. That acceptance will be effective and will give rise to a valid contract.
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