What happens if a plaintiff is bound by an agreement to keep a bid/offer open for acceptance for a certain period?

A. As per Section 5 of the Contract Act 1872, if a plaintiff is bound by an agreement to keep a bid/offer open for acceptance for a specified period (e.g., 90 days), they are liable to suffer the consequences if they withdraw the offer within that period, despite the general right to revoke an offer before acceptance.

This FAQ is prepared by Sadia Saman Advocate