reviving the contract by recalling the notice of termination

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?
There is a contract between A and B. A fails to pay up money at the agreed date and B sends him a Notice of termination of Contract. After a few months B withdraws his notice of termination. Does this act of withdrawing the notice of termination revive the old contract? Or a fresh offer and acceptance is needed for the same purpose?

The reply requrires further query of whether the adresse received the termination letter and accepted it and the adressor is also intimated about it. If yes, then communication is complete and the subsequent withdrawal would not revive the old contract. In this circumstances fresh offfer and acceptance is advisable.

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