Lapse of Offer

In one sentence

An offer that expires because too much time has passed or a condition fails.

Plain English

An offer lapses when it automatically expires and can no longer be accepted. This happens when a set deadline passes (like 'this offer is good for 30 days') or when a reasonable amount of time has gone by without acceptance. An offer can also lapse if a condition stated in the offer is not met, such as if the offer required acceptance before a certain event. Once an offer lapses, it's gone, and you can't accept it anymore.

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Example

A contractor offers to do a home renovation for $50,000, stating the offer is valid for 14 days. The homeowner waits 20 days to decide and then tries to accept. The offer has lapsed, so there's no contract—the contractor is no longer bound by the $50,000 price.

Used in a sentence

“The lapse of the offer after 30 days meant the buyer could no longer accept the seller's proposal.”

Related terms

Offer

A proposal to enter into a binding agreement on specific terms.

Acceptance

Agreeing to the exact terms of an offer, creating a binding contract.

Revocation of Offer

A withdrawal of an offer by the person who made it, ending the other party's power to accept.

Rejection of Offer

A clear refusal to accept an offer, which ends the offer's power to create a contract.

Termination for Cause

Ending a contract due to the other party's breach or serious misconduct.

Consideration

Something of value exchanged by each party to make a contract binding.

Offeror

The person who makes an offer to enter into a contract.

Offeree

The person who receives an offer and has the power to accept or reject it.

This page is a plain-English reference and is not legal advice. Laws vary by jurisdiction and change over time. For specific situations consult a licensed attorney.