Revocation of contract

Revocation means “cancellation” and it is a type of remedy for buyers when the buyer accepts a nonconforming good from the seller.

Section 5 of the Indian Contract Act, lays down the rules of revocation of proposals and acceptances i.e. A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.
Modes of Revocation
Section 6 : Revocation how made i.e. this section of the Indian Contract Act, 1872 provides various modes of revocation which are as follows:

1.Revocation of offer by the way of notice:-
Under the Contract of Law it has been specified that the revocation of an offer can only be made before the communication of its acceptance is complete i.e. when the acceptance has been put into the course of transmission by the acceptor as per the rules of the communication of acceptance.
2. Revocation of offer due to lapse of time:-
An offer may lapse on the expiry of the time period fixed for the acceptance. In case of an agreement where the acceptance has been subjected to a specified period of time, then the inability of the acceptor to provide the acceptance before the expiry of that time will lead to revocation of the offer.
3. Lapse of Offer when one fails to fulfill condition precedent:-
In the situation where the offer is made subject to fulfillment of a condition precedent, any acceptance made without completing the requirements of such a condition will lead to automatic revocation of the offer.
4.Revocation by death or insanity of the offeror:-
An offer might also lapse in the unfortunate event of the death or insanity of the offeror, provided that the fact of such death or insanity is notified before the acceptance is made.
5. By subsequent destruction of subject matter of offer:- An all trader offers 4 tons of oil to be on 1 July 2012 and asks him for acceptance by 15 July. On 10 July due to fire all oil is destroyed. As the subject matter of the offer is destroyed the offer is lapsed before the fall of hammer.

Thus, The Indian Contract Act, 1872 not only provide provisions to enter into the contract but it also provide provisions for the termination of a contract which is entered into by the parties. The provisions and rules of revocation are laid down under section 5 and modes of revocation in section 6 of this respective Act. Overall revocation means “taking back” or it is called as a way of termination of an offer.

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