To minimize the potential for a dispute, here are some general rules you should understand and follow. How long an offer stays open. What's reasonable, of course, is open to interpretation and will vary depending on the type of business and the particular fact situation. To leave no room for doubt as to when the other party must make a decision, the best way to make an offer is to include an expiration date. And if you want to accept someone else's offer, the best approach is to do it as soon as possible, while there's no doubt that the offer is still open.
Revocation is discussed below.
Often when an offer is made, the response will not be to accept the terms of the offer right off, but to start bargaining. Of course, haggling over price is the most common type of negotiating that occurs in business situations. When a counteroffer is made, the legal responsibility to accept, decline or make another counteroffer shifts to the original offeror. While it is true that a contract is only formed if the accepting party agrees to all substantial terms of an offer, this doesn't mean you can rely on inconsequential differences to void a contract later. Revoking an offer.