Yes, you can enable offers on items that are out of stock or available for pre-order. This gives customers a way to express interest and secure a purchase at a price you both agree on, even before the item is back in stock.
Originally from our Help Center
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If the customer has not checked out yet, you can cancel the accepted offer by deleting the draft order that was created. Go to Magical Make an Offer in your Shopify admin.
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