What is revocation of a contract?

Revocation of a contract means that the offeror takes back his offer, and the offeree can no longer accept the offer. For a contract to be valid, there needs to be a bargained for exchange, and mutual manifestation of assent. Consider this fact pattern: On Monday, Alan says to Bob, I will sell you my car for $10,000 On Tuesday, Bob says to Alan, I will think about it On Wednesday, Alan says to Bob, I will not sell you my car As of Wednesday, the offer has officially been revoked.

On Thursday, Bob can no longer accept the offer because it is no longer available This is contract law. If you have any further questions, the best place to turn would be a document called the Second Restatement of Contracts.

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