Contracts I

Restatement Second of Contracts § 36

Methods of Termination of the Power of Acceptance

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  1. An offeree's power of acceptance may be terminated by
    1. rejection or counter-offer by the offeree, or
    2. lapse of time, or
    3. revocation by the offeror, or
    4. 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.