If no time period for acceptance is indicated in an offer, what happens to the offer?

When an offer does not specify a time period for acceptance, it is generally understood that the offer remains valid for a "reasonable time." This concept is based on the principle that offers must be accepted within a period that is fair and just given the nature of the transaction, market conditions, and the involved parties.

In general practice, what constitutes a "reasonable time" can vary widely. Factors influencing this determination may include the type of property involved, prevailing market conditions, and the urgency communicated by the parties in their negotiations. For instance, a real estate transaction may allow more time for acceptance compared to a fast-moving commodity sale due to the complexities involved in property deals.

Having a specified time frame in an offer helps provide clarity and certainty for both parties, but when no such time is stated, the law fills this gap by recognizing the need for a reasonable time period before the offer lapses.