An offer may lapse and be determined by the efflux of a specified time for acceptance. If a person should offer to sell goods "if the offer is accepted by" a certain day, an acceptance after that time would have no effect. After the specified time has passed without acceptance, the offer lapses, or is determined without any further action on the part of the proposer, and it is no longer open for acceptance.4 If no time is specified, the offer is determined by the lapse of a reasonable time.5
5 Q. B. Div. 351. If the case of Cooke v. Oxley merely decides that an offer, coupled with a promise to keep it open for a specified time, may be revoked, to the knowledge of the other party, before the time has expired, where there is no consideration for the promise to keep it open, it is in accord with the law in this country, and with the later decisions in England. See "Cotv-tracts," Dec. Dig. (Key-No.) §§ 19, 22; Cent. Dig. §§ 57-60, 104-108.
2 Hamilton v. Insurance Co., 5 Pa. 339; Larmon v. Jordan, 56 111. 204; Averill v. Hedge, 12 Conn. 434; Moore v. Pierson, 6 Iowa, 279, 71 Am. Dec. 409; ante, pp. 31-34. See "Contracts," Dec. Dig. (Key-No.) §§ 19, 22; Cent. Dig. §§ 82-92, 104-108.