THE POSITION OF THE LAW REGARDING TO REVOCATION OF AN OFFER BY A THIRD PARTY. By Umar Abdulmumeen kayode (Almudir official)
THE POSITION OF THE LAW REGARDING TO REVOCATION OF AN OFFER BY A THIRD PARTY. What is revocation? What is an offer? Who is a third party? Revocation is an annulment or cancellation of a statement or agreement. In the context of contracts, revocation may refer to the offeror canceling an offer. That is to say "an offer may be revoked at any time before its acceptance is communicated to the proposer, but not afterwards.” Revocation may also refer to a buyer’s rejection of goods that do not conform to the contract specifications. Revocation of offer is the withdrawal of a previous offer to engage in some sort of legally binding contract. see the case of Payne v. Cave(1789) 3 TR 148 An offer, as an element of a contract is a proposal to make a contract. It must be made by the person who makes the promise, and it must be made to whom the promise is made. It may be made either by words or by signs, e...