Revocation

Revocation is the cancellation or withdrawal of an offer, agreement, authorization, or right before it has been accepted or acted on. A seller, for instance, can revoke an offer to sell right up until the buyer formally accepts it.

Revocation also applies to licenses, permits, and powers of attorney. In an agency relationship, a principal can revoke an agent’s authority at any time, though doing so may carry contractual consequences. In fast-moving negotiations, knowing where the right to revoke stands is important.