What term describes the termination of an offer after a specified time?

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The term that describes the termination of an offer after a specified time is known as the "Lapse of Offer." This occurs when an offer is not accepted within the timeframe that the offeror has stipulated, leading to the automatic cessation of the offer's validity. Offers often include an expiration date, and they become void once this time period has elapsed, reflecting the principle that an offer must remain open for a reasonable duration only.

Revocation refers to the act of withdrawing an offer before it is accepted, which is a different concept, as it is an affirmative act undertaken by the offeror rather than a condition occurring naturally over time. Expiration of Offer can sometimes be used interchangeably with lapse, but it is not the formal term recognized in legal terminology. Withdrawal denotes the act of pulling back an offer, again focusing on the actions of the offeror rather than the countdown of time related to accepting the offer.

Understanding the concept of lapse is crucial, as it highlights the importance of timeliness in contractual agreements and the binding nature of acceptance within specified limits.

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