Yes, an offer can be revoked. According to Section 5 of the Indian Contract Act 1872, An offer or proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer but not afterwards.
A proposes, by a letter sent by post, to sell his house to B. B accepts the proposal by a letter sent by post. A may revoke his proposal at any time before or at the moment when B posts his letter of acceptance, but not afterwards.
Revocation how it is made :
According to Section 6 of the Indian Contract Act, 1872 revocation of offer may take place under the following ways -
(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 fulfill a condition precedent to acceptance; or
(4) by the death or insanity of the proposer, if the fact of the death or insanity comes to the knowledge of the acceptor before acceptance.
Relevant Case Law :
Rajendra Kumar Varma Vs. State of Madhya Pradesh, AIR 1972
In this case, it has been held that a person who makes an offer is entitled to withdraw his offer or tender before its acceptance intimated to him.The Government by merely providing a clause to the country in the tender notice could not take away the legal rights of a person.
Distinction between Offer and Invitation to Offer