No, an offeror can't revoke an option contract if the offeror decides that the consideration given is inadequate. There would be an option to purchase the land.
Offeror
revocation
A contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party. In a unilateral, or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree. If the offeree acts on the offeror's promise, the offeror is legally obligated to fulfill the contract, but an offeree cannot be forced to act (or not act), because no return promise has been made to the offeror. After an offeree has performed, only one enforceable promise exists, that of the offeror. A unilateral contract differs from a Bilateral Contract, in which the parties exchange mutual promises. Bilateral contracts are commonly used in business transactions; a sale of goods is a type of bilateral contract. Reward offers are usually unilateral contracts. The offeror (the party offering the reward) cannot impel anyone to fulfill the reward offer. An offeree can sue for breach of contract, however, if the offeror does not provide the reward after the offeree has fulfilled the contract's requirements
Death or insanity of the offeror automatically terminates the offer. This applies even though the offeree is not aware of the death or the insanity of the offeror and communicates an acceptance of the offer. Both parties must be alive and competent to contract at the moment the acceptance is properly communicated to the offeror.
The importance of offer and acceptance in forming a contract is the main purpose of a contract. It is similar to the binding agreement when someone gives something and another person receives it. It signifies that both parties are making an agreement and that both agree to its terms.
their record of conforming to past contract requirements
Rejection is the rejection of an offer by the offeree. After an offeror has made an offer it can be rejected by the offeree. Revocation is the revoking of an offer by the offeror. An offeror may also revoke his offer at any time before acceptance by the offeree unless an option contract is created or is otherwise precluded from revoking the offer.
Negotiation
Generally an offer is accepted when acceptance is communicated to the offeror. This is covered under the section 8 of the INDIAN CONTRACT ACT.
If the contract has not been signed, then the contract can be withdrawn at any time because there has been no legally binding acceptance of the terms of the contract. Once the contract jas been signed by both parties it definitely cannot be withdrawn.
Any offer is a statement of intention to contracting normally it is directed to a specific party to whom the offeror want to contracting . Its any important Term because all contracts start with it if they're going to be legal binding . After any offer has been accepted no further discussion or negotiation will follow . Offeree is one to whom the offeror is directing the offer , simple that this is the party who will accept the offer . note : Offer is done by the Offeror to the Offeree if the Offeree accept the offer then the contract will be completed .
The intentional disclosure of an offeror's proposed cost and technical information prior to contract award is known as bid rigging or bid leaking. This unethical practice can give certain bidders an unfair advantage and compromise the integrity of the procurement process. It is prohibited and can result in legal consequences for those involved.