(1) An offer of a contract specifying a period for acceptance shall lose its effect if the offeror does not receive a notice of acceptance within the period specified.
(2) Where a notice of acceptance had arrived after the expiration of the period mentioned in the preceding paragraph, if it was dispatched at such a time that under normal circumstances it would have arrived within such period, the offeror shall dispatch, without delay, to the other party a notice of the delayed arrival; provided, this shall not apply where a notice of the delay has already been dispatched by the offeror before its arrival.
(3) If the offeror has neglected to give the notice mentioned in the preceding paragraph, the notice of acceptance shall be deemed not to have been delayed.