Which term refers to termination of a contract due to lapse of time when no deadline is set?

• A. Acceptance
• B. Revocation
• C. Lapse of Time
• D. Performance

Answer: (C)

When an offer or contract has no deadline, it ends after a reasonable period passes without any action. That automatic ending is called lapse of time. It means the opportunity to accept expires simply because time has run out, not because someone accepted, performed, or revoked the offer. Acceptance would bring a contract into existence, and performance is the act of fulfilling obligations; neither describes ending due to the passage of time. Revocation involves withdrawing the offer before acceptance, which is about stopping the offer, not expiration after time. So the term that fits is lapse of time.