A revocation of offer is the withdrawal of a previous offer to engage in some sort of legally binding contract. If you put in an offer on a house, how long do you have to get out of it without major legal or other hassles?State law grants a right to cancel — also called a "right of rescission" or a "cooling off" period — in only a few specific instances. You can either send an letter signed and dated stating that you are withdrawing your offer or you can use a TREC document if your Realtor drew up the contract. Exiting a contract without penalty requires a careful review of the contract terms and a clear understanding of your legal rights and options. In a unilateral contract, when the offeree has partially performed (the act of making the cake), the offeror (you) can no longer revoke that offer. Before the offeree begins to carry out the contract, the offeror is free to revoke the offer. Check out this sample class where we discuss revocation of an offer, a common area of confusion in contract law! Withdrawal of offer. You send to the Seller's agent the filled out TAR1902 Notice of Buyer's Termination of Contract.