Lapse of Time
Restatement Second of Contracts § 41
- 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.
- What is a reasonable time is a question of fact, depending on all the circumstances existing when the offer and attempted acceptance are made.
- 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.