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KembaraXtra – Legal Terms – Lapse of Offer
Lapse of offer occurs when an offer in contract law comes to an end due to certain events, meaning it can no longer be accepted. This may happen through the passage of time, the death of one of the parties, or failure of a required condition.
If an offer specifies a time limit, it expires once that period passes; otherwise, it remains open only for a reasonable time. The death of the offeree automatically terminates the offer, while the death of the offeror may not, especially if unknown to the offeree and the contract could still be performed. Offers may also lapse if circumstances change, such as the subject matter no longer being available or in the expected condition.
Lapse of offer occurs when an offer in contract law comes to an end due to certain events, meaning it can no longer be accepted. This may happen through the passage of time, the death of one of the parties, or failure of a required condition.
If an offer specifies a time limit, it expires once that period passes; otherwise, it remains open only for a reasonable time. The death of the offeree automatically terminates the offer, while the death of the offeror may not, especially if unknown to the offeree and the contract could still be performed. Offers may also lapse if circumstances change, such as the subject matter no longer being available or in the expected condition.
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