Termination of Offer Law and Legal Definition

Termination of offer is the expiration of the period of time during which the offer is to remain in effect, whether such be a definite period as fixed by the terms of the offer or by custom or usage of trade. Offers may be terminated in any one of the following ways:

a. revocation of the offer by the offeror;

b. counteroffer by offeree;

c. rejection of offer by offeree;

d. lapse of time;

e. death or disability of either party; or

f. performance of the contract becomes illegal after the offer is made.