By, Gwen Uselman
If a person accepts and offer and then shortly after that person giving the offer revokes, then it has to be accepted and communicated by the offeree to be effective.
Expiration of a Set Period or a Reasonable Time
An offer stays open for a set time and after that time it expires if you don't hear anything or any offers back.
Rejection by the Offeree
You can't reject an offer, and then revoke and say you want the offer. If you say no then that entire offer would be terminated for you.
You can negotiate with someone. You can move the price at any time, and to any price that you choose.
If death or insanity occurs by either offeror or offeree then the offer is terminated. It could be by either the offeror or offeree. No contract would result, and it would be terminated by a court.