If one of the parties to a contract defaults and the other party terminates the contract, can the same contract be revived by withdrawing/recalling the notice of termination if both the paties agree to do so.
There is a contract between X company and Y contractor. Y contractor has failed to complete the work within the time as such the X company after giving notice , terminated the contract. After receiving the termination letter, Y contractor approached the X company requesting to revive the contract. X company is also willing to give a chance.
Does the act of withdrawing the notice of termination revive the old contract? Or a fresh offer and acceptance is needed for the same purpose?