As to the revocation of a submission to arbitrators, see ARBITRATION AND AWARD.
Revocation of offer.—An offer may be re voked at any time before acceptance, even though a definite time for acceptance is spec ified, unless there is a distinct contract for a definite time, founded on a distinct considera tion ; Pollock, Contr. 27. Such revocation can take effect only when it is communicated to the other party, before acceptance ; id. 30. A general proposal by public advertisement may be revoked by an announcement of equal publicity, such as an announcement in the same newspaper, even as against a person who afterwards acts on the proposal not knowing that it has been revoked; Shuey v. U. S., 92 U. S. 73, 23 L. Ed. 697, said in Pol lock, Contr. 23, to be judicial legislation. See OFFER ; ACCEPTANCE ; LETTER.
The power of a partner to contract in, the name of the firm may be revoked, by injunc tion out of chancery, where there is a wanton or fraudulent violation of the contract con stituting the association; Bisp. Eq. 426; 1 Story, Eq. Jur. § 673. This will sometimes be
done on account of the impracticability of carrying on the undertaking ; 1 Cox, Ch. 213 ; 2 V. & B. 299. So, too, such an injunction might be granted on account of the insanity or permanent incapacity of one of the part ners; 1 Story, Eq. Jur. § 673. But insanity is not alone sufficient to produce a dissolu tion of the partnership ; 2 My. & K. 125. See PARTNERSHIP.
An oral license to occupy land is, where the statute of frauds prevails, revocable at pleasure, unless permanent and expensive erections have been made by the licensee in faith of the permission. In such case a court of equity will decree a conveyance on equit able terms, in conformity with the contracts of the parties, or else require compensation to be made upon equitable principles; Tren ton W. P. Co. v. Chambers, 9 N. J. Eq. 471; Redfield, Railw. 106; Prince v. Case, 10 Conn. 375, 27 Am. Dec. 675.
For the law in regard to the revocation of wills, see Wrms ; and as to the revocation of authority of agents, see PRINCIPAL AND AGENT.