A buyer cancels an offer while the seller considers it. What is true regarding the canceled offer?

When a buyer decides to cancel an offer while the seller is still considering it, the action taken by the buyer results in the original offer being null and void. Once the buyer communicates the cancellation, it effectively terminates the offer, meaning that the seller can no longer accept it, negotiate on it, or make any changes to it, including lowering the price.

This principle is based on the nature of contract law where an offer can be revoked at any time before it is accepted by the other party. In this case, since the buyer has chosen to cancel the offer, the seller's decision-making regarding that specific offer is rendered irrelevant. The seller cannot proceed with the offer because it has been formally withdrawn by the buyer.