Burt pays 1 in return for a thirtyday option to purchase rea

Burt pays $1 in return for a thirty-day option to purchase real estate from Reynold for $100,000. The next day Reynold tries to revoke the option. Can Reynold revoke? Why or why not?

Solution

A revocation is not effective until it is communicated to (received by) the other party either directly or indirectly. Although reynolds do have the option to revoke the offer but he needs to communicate the same in the manner of communication as preferable earlier by the burt. However only when burt accepts the same the offer would be treated as revocated. In case burt do not accept then reynold needs to have a counter offer for burt.