If there is a promise to keep the offer open but a specific time period is not set, the offer cannot be revoked for a reasonable period of time. However, whether the time period is specifically set or not, an offer cannot be kept open for more than three months. This process can come and go indefinitely until an agreement is reached, or until one of the parties leaves and finishes negotiations. Elapsed Time: Unless the offer indicates otherwise, the offer ends after a reasonable period of time.
A reasonable period of time will vary depending on the type of contract. As a general rule, a valid offer remains open until the person making it revokes it. However, a counteroffer legally revokes the original offer and becomes a new offer, with new terms. In addition, if the offer indicates a specific time within which it must be accepted, the offer will cease to be valid once that period expires.
An offer expires if it is not accepted within a stipulated time frame. In other words, if an offer is opened for a specific time, it will close at the end of that time. For example, 'A' offered to sell a car to 'B' and the offer lasted 10 days. After 10 days, “B” will no longer be able to accept the offer.
However, if no deadline has been stipulated, the offer will close after a reasonable time. In Barrick v Clark, 'A' offered to buy land from 'B', then 'B' sent a counteroffer to 'A' and asked 'A' to respond as soon as possible. But “A” accepted the offer after the reasonable time, so “B” may refuse to accept A because the offer has expired. It is important to know the law of firm tender contracts before embarking on any contract, whether for business or personal reasons.
If an offer creates a binding agreement, it is one of the most difficult concepts in contract law to understand. If the recipient of the offer has already accepted the offer, a valid contract exists and an attempt to revoke the offer may constitute a breach of contract. Therefore, if you are having problems with an offer or contract agreement, it may be in your best interest to consult a local contract lawyer for further guidance. An experienced contract lawyer will know the laws of your state, as well as the elements necessary to form a legally enforceable agreement.