A proposal is revoked by:
(1) the communication of notice of revocation by the proposer to the other party in the manner prescribed by 28-2-501 and 28-2-502 before the other party's acceptance has been communicated to the proposer;
(2) the lapse of the time prescribed in the proposal for its acceptance or, if no time is prescribed, the lapse of a reasonable time without communication of the acceptance;
(3) the failure of the acceptor to fulfill a condition precedent to acceptance; or
(4) the death or serious mental illness of the proposer.