Explanation:
An offer is a proposal made by one person to another to enter into a contract. It is important to understand that an offer can lapse or come to an end in certain circumstances. However, acceptance of an offer is one of the ways to form a valid contract. Therefore, an offer does not lapse due to acceptance. Let us now understand the other circumstances where an offer may lapse.

Circumstances where an offer may lapse:
1. Lapse of Time: The offer may lapse if it has not been accepted within a reasonable period of time. The time limit for acceptance is generally determined by the nature of the offer.

2. Revocation: The offeror may revoke the offer at any time before it is accepted by the offeree. Revocation can be communicated by the offeror or by a reliable third party.

3. Rejection: The offeree may reject the offer by communicating his/her intention not to accept the offer to the offeror. Once an offer has been rejected, it cannot be accepted later.

4. Counter-offer: If the offeree makes a counter-offer, it amounts to a rejection of the original offer. A counter-offer is a new offer made by the offeree with different terms and conditions.

5. Death or Insanity: If the offeror or offeree dies or becomes insane before the offer is accepted, the offer lapses.

6. Subsequent Illegality: If the subject matter of the contract becomes illegal after the offer is made, the offer lapses.

Conclusion:
Hence, it can be concluded that an offer does not lapse due to acceptance, but it can lapse due to various other circumstances such as lapse of time, revocation, rejection, counter-offer, death or insanity, and subsequent illegality.

Explanation:

An offer is a proposal made by one party to another, indicating an intention to enter into a contract. Once an offer is made, the offeror is bound by the terms of the offer until it is either accepted, rejected, revoked, or expires.

The question asks which of the following events would not cause an offer to lapse, meaning that the offer would still be valid and capable of acceptance. The correct answer is option B, acceptance.

Reasons why option B is correct:

1. Acceptance creates a binding contract: Once an offer is accepted, a contract is formed between the parties, and the terms of the offer become legally enforceable. This means that the offeror cannot revoke or withdraw the offer once it has been accepted.

2. Acceptance terminates the offer: Acceptance terminates the offer, meaning that the offer is no longer capable of acceptance by any other party. Once an offer has been accepted, the offeror cannot accept a subsequent offer from another party for the same terms.

3. Acceptance can be communicated in different ways: Acceptance can be communicated in various ways, including through words, conduct, or silence. However, the acceptance must be communicated to the offeror before the offer expires.

Reasons why the other options are incorrect:

A. Subsequent illegality: If an offer becomes illegal or impossible to perform after it has been made, the offer will lapse. This means that the offeror is no longer bound by the terms of the offer, and the offeree cannot accept it.

C. Rejection: If the offeree rejects the offer, the offer will lapse. This means that the offeror is no longer bound by the terms of the offer, and the offeree cannot accept it.

D. Lapse of reasonable time: If the offer specifies a time limit for acceptance, the offer will lapse if the offeree does not accept within that time frame. Additionally, if no time limit is specified, the offer will lapse after a reasonable amount of time has passed. This means that the offeror is no longer bound by the terms of the offer, and the offeree cannot accept it.

In conclusion, acceptance is the only event that would not cause an offer to lapse, as it creates a binding contract and terminates the offer.