The person making an offer [counteroffer] may revoke the offer [counteroffer] at any time before the communication of acceptance by the person to whom the offer [counteroffer] is made.

An offer [counteroffer] is revoked:

1) by the person who made the offer [counteroffer] giving notice of revocation to the person to whom the offer [counteroffer] has been made, in the same manner required to communicate the acceptance;

2) by the lapse of the time prescribed in the offer [counteroffer] for its acceptance, or if no time is prescribed, the lapse of a reasonable time without communication of the acceptance;

3) by the failure of the person accepting the offer [counteroffer] to fulfill a condition precedent to acceptance; or

4) by the death or insanity of the person making the offer [counteroffer] before acceptance of the offer [counteroffer].

*****