LAPSE OF OFFER
\lˈaps ɒv ˈɒfə], \lˈaps ɒv ˈɒfə], \l_ˈa_p_s ɒ_v ˈɒ_f_ə]\
Definitions of LAPSE OF OFFER
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Offer termination, regardless of the reason, other than completion of the deal. An offer lapses due to (1) expiration date reached; (2) a reasonable period has gone by, having no specified expiration date; (3) offeror or the offeree dies before acceptance; (4) operation of law makes the offer illegal or impossible. Unless the offeror and the offeree understand that the offer continues, typically, an orally stated offer ends/lapses.
By Henry Campbell Black