Withdrawal of Offer

Withdrawal of Offer refers to the act of the offeror canceling an offer before the offeree accepts it. According to the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the laws of most countries, an offer is generally binding on the offeror once it reaches the offeree, but the offeror may still withdraw or revoke the offer before acceptance. Note: Withdrawal applies to an offer that has not yet become effective, while Revocation applies to an offer that has become effective but has not been accepted. Withdrawal of offer usually occurs due to changes in market conditions, exchange rate fluctuations, supply issues, etc. Unlike 'withdrawal', withdrawal of offer may involve an effective offer, so it is necessary to ensure that the notice of withdrawal reaches the offeree before or at the same time as the offer; otherwise, it may constitute a breach of contract. In practice, the offeror should specify the validity period or reserve the right to withdraw in the offer to avoid disputes. In addition, if the offer is irrevocable (e.g., the offeree has paid consideration or reasonably relied on it), it cannot be withdrawn.