Explain briefly the law relating to communication of offer, acceptance and revocation. Is there limit of time after which an offer cannot be revoked?

The law relating to the communication of offer, acceptance, and revocation is fundamental in business law and governs how contracts are formed and when they become binding.

An offer is a proposal made by one party (the offeror) to another (the offeree) showing a clear intention to enter into a contract on certain definite terms. According to the Indian Contract Act, 1872 (which is also largely in line with English common law principles), the communication of an offer is complete when it comes to the knowledge of the offeree. This means that merely sending an offer is not enough; it must actually be received by the offeree. For example, if A posts an offer to B, the communication is complete when B receives the letter, not when A sends it.

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