Revocation how made.

A proposal is revoked—

(1)by the communication of notice of revocation by the proposer to the other party;

(2)by the lapse of the time prescribed in such proposal for its acceptance, or, if no time is so prescribed, by the lapse of a reasonable time, without communication of the acceptance;

(3)by the failure of the acceptor to fulfil a condition precedent to acceptance; or

(4)by the death or insanity of the proposer, if the fact of his death or insanity comes to the knowledge of the acceptor before acceptance.