In contract law, an offer is a proposal made by one party (the offeror) to another (the offeree) indicating a willingness to enter into a contract. Termination of an offer occurs when the offer is no longer available for acceptance. Let's evaluate each option to identify which is NOT an effective way to terminate an offer:

Step 1: Understanding Effective Termination Methods

An offer can be terminated through various valid means, such as revocation by the offeror before acceptance, lapse of a reasonable time, failure of a condition, or rejection by the offeree.

Step 2: Analyzing Each Option

• Revoking the offer following acceptance: Once an offer is accepted, a contract is formed. Revocation after acceptance is not effective to terminate the offer because the offer has already been converted into a binding agreement. This would be a breach of contract, not a termination of the offer.
• Lapse of reasonable time: If no time is specified, an offer terminates after a reasonable period. This is an effective way.
• Failure of a condition precedent: If an offer is subject to a condition that must occur before acceptance, and it fails, the offer terminates. This is effective.
• Rejection by the offeree: If the offeree rejects the offer, it terminates immediately. This is effective.

Final Answer: "Revoking the offer following acceptance" is NOT an effective way to terminate an offer because acceptance creates a contract, making revocation invalid.

Related Topics

Fundamentals of Contract Law: Understanding offers, acceptances, and terminations is key in business law, as contracts form the basis of business activities and agreements.

Key Formulae or Principles

No mathematical equations apply here, but the legal principle is: Offer + Acceptance = Contract. Once accepted, revocation is not possible for termination.