It is the general rule that the surety once he has become such cannot terminate his contract by giving notice to the obligee that he will not thereafter be liable further on the contract. This axiomatic principle must not be confused with the right of one who has offered himself as a guarantor to revoke his offer before it has been acted upon, or acceptance made of the offer. So, where authority is given by one to another person to draw on him and to accept the drafts so drawn, for a limited period, it is held that the authority is taken away by the death of the one who has authorized such credit.15 But here, again, the question is treated as one of agency purely.

Whenever the surety's contract carries with it the right to revoke on giving notice, this would ordinarily mean the giving of such a notice as would reasonably protect the obligee, in the absence of any certain stated time for the notice. Ordinarily the death of the surety will not have the effect of releasing his estate from liability for the further default of the principal within the time for which the surety's contract is to run.16 If all contracts of suretyship were to terminate on the death of the surety, they would be of very doubtful efficacy as a security to the obligee. The rule is, therefore, one of common sense and justice.