lapse of offer

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The termination of an offer as a result of the passage of time, death, or the nonfulfilment of a condition. An offer made subject to a specified time limit lapses after that time has passed; all other offers lapse after a reasonable time. Death of the offeree causes an offer to lapse, but death of the offeror does not always do so. The offer remains available for acceptance if the death is unknown to the offeree and the resulting contract could be performed by the offeror's personal representatives. An offer lapses if one or more conditions are not fulfilled. An offer to buy goods, for example, is made on the assumption that they will remain in the same condition until acceptance; it lapses if that ceases to be the case. See also rejection of offer; revocation of offer.

Subjects: Law.

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