Contracts Termination, Counteroffer

(1) An offeree's power of acceptance may be terminated by (a) rejection or counter-offer by the offeree, or (b) lapse of time, or (c) revocation by the offeror, or (d) death or incapacity of the offeror or offeree (2) In addition, an offeree's power of acceptance is terminated by the non-occurrence of any condition of acceptance under the terms of the offer.

Notwithstanding Sec 38-49 the power of acceptance under an option contract is not terminated by rejection or counter-offer, by revocation, or by death or incapactity of the offeror, unless the requirements are met for the discharge of a contractual duty.

(1) An offeree's power of acceptance is terminated by his rejection of the offer, unless the offeror has manifested a contrary intention (2) A manifestation of intention not to accept an offer is a rejection unless the offeree manifests an intention to take it under further advisement

(1) A counter-offer is an offer made by an offeree to his offeror relating to the same matter as the original offer and proposing a substiuted bargain differing from that proposed by the original offer (2) An offeree's power of acceptance is terminated by his making of a counter-offer, unless the offeror has manifested a contrary intention or unless the counter-offer manifests a contrary intention of the offeree

Rejection or counter-offer by mail or telegram does not terminate the power of acceptance until recieved by the offeror, but limits the power so that a letter or telegram of acceptance started after the sending of an otherwise effective rejection or counter-offer is only a counter-offer unless the acceptance is recieved by the offeror before he recieves the rejection or counter-offer

(1) An offeree's power of acceptance is terminated at the time specified in the offer, or, if no time is specified, at the end of a reasonable time (2) What is a reasonable time is a question of fact, depending on all the circumstances existing when the offer and attempted acceptance are made (3) unless otherwise indicated by the language or the circumstances, and subject to the rule state in sec 49, an offer sent by mail is seasonably accepted if an acceptance is mailed at any time before midnight on the day on which the offer is recieved

An offeree's power of acceptance is terminated when the offeree receives the offeror a manifestation of an intention not to enter into the proposed contract

An offeree's power of acceptance is terminated when the offeror takes definite action inconsistent with an intention to enter into the proposed contract and the offeree acquires reliable information to that effect

An offeror's power of revocation is not limited by the deposit of money or other property to be forfeited in the event of revocation, but the deposit may be forfeited to the extent that it is not a penalty.

(1) Where an offer invites an offeree to accept by rendering a performance and does not invite a promissory acceptance, an option contract is created when the offeree tenders or begins the invited performance or tenders a beginning of it. (2) The offeror's duty of performance under any option contract so created is conditional on completion or tender of the invited performance in accordance with the terms of the offer

Where an offer is made by advertisement in a newspaper or other general notification to the public or to a number of persons whose identity is unknown to the offeror, the offeree's power of acceptance is terminated when a notice of termination is given publicity by advertisement or other general notification equal to that given to the offer and no better menas of notification is reasonably available.

An offer contemplating a series of independent contracts by separate acceptances may be effectively revoked so as to terminate the power to create future contracts, though one or more of the proposed contracts have already been formed by the offeree's acceptance.

An offeree's power of acceptance is terminated when the offeree or offeror dies or is deprived of legal capacity to enter into the proposed contract.