This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
After an offer has once been communicated, it may cease to exist as an offer capable of being turned into a contract by acceptance, in one of three ways: The offeror may, subject to certain qualifications, withdraw such offer if he uses the proper means of giving effect to his intention to withdraw it. This is known as revocation.1 The offeree may cause such offer to cease to exist by signifying his intention not to accept it. This is known as rejection.2 Without regard to the intention either of the offeror or of the offeree, the offer may cease to exist because of the efflux of time, or because of the death or insanity of the offeror. This is known as lapse.3