Contracts I

Lapse of Time

Restatement Second of Contracts § 41
Restatement Second of Contracts § 41

Lapse of Time

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  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 stated in [R2C § 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 received.
Copyright, The American Law Institute

If an offer is made face-to-face, it lapses when they part ways.