diff --git a/packages/web3-core-method/lib/methods/transaction/AbstractObservedTransactionMethod.js b/packages/web3-core-method/lib/methods/transaction/AbstractObservedTransactionMethod.js
index 29319ac8aef..e04ed8900bb 100644
--- a/packages/web3-core-method/lib/methods/transaction/AbstractObservedTransactionMethod.js
+++ b/packages/web3-core-method/lib/methods/transaction/AbstractObservedTransactionMethod.js
@@ -81,27 +81,27 @@ export default class AbstractObservedTransactionMethod extends AbstractMethod {
                         receipt = transactionConfirmation.receipt;
 
                         if (this.hasRevertReceiptStatus(receipt)) {
-                            this.handleError(
-                                new Error(
-                                    `Transaction has been reverted by the EVM:\n${JSON.stringify(receipt, null, 2)}`
-                                ),
-                                receipt,
-                                confirmations
-                            );
+                            if (this.parameters[0].gas === receipt.gasUsed) {
+                                this.handleError(
+                                    new Error(
+                                        `Transaction ran out of gas. Please provide more gas:\n${JSON.stringify(
+                                            receipt,
+                                            null,
+                                            2
+                                        )}`
+                                    ),
+                                    receipt,
+                                    confirmations
+                                );
+
+                                transactionConfirmationSubscription.unsubscribe();
+
+                                return;
+                            }
 
-                            transactionConfirmationSubscription.unsubscribe();
-
-                            return;
-                        }
-
-                        if (receipt.outOfGas) {
                             this.handleError(
                                 new Error(
-                                    `Transaction ran out of gas. Please provide more gas:\n${JSON.stringify(
-                                        receipt,
-                                        null,
-                                        2
-                                    )}`
+                                    `Transaction has been reverted by the EVM:\n${JSON.stringify(receipt, null, 2)}`
                                 ),
                                 receipt,
                                 confirmations
diff --git a/packages/web3-core-method/tests/lib/methods/transaction/AbstractObservedTransactionMethodTest.js b/packages/web3-core-method/tests/lib/methods/transaction/AbstractObservedTransactionMethodTest.js
index 6469a26adcf..4f86a6513f8 100644
--- a/packages/web3-core-method/tests/lib/methods/transaction/AbstractObservedTransactionMethodTest.js
+++ b/packages/web3-core-method/tests/lib/methods/transaction/AbstractObservedTransactionMethodTest.js
@@ -152,36 +152,40 @@ describe('AbstractObservedTransactionMethodTest', () => {
         providerMock.send.mockReturnValueOnce(Promise.resolve('transactionHash'));
 
         observableMock.subscribe = jest.fn((next, error, complete) => {
-            next({count: 0, receipt: {status: '0x0'}});
+            next({count: 0, receipt: {status: '0x0', gasUsed: 1}});
 
             complete();
         });
 
+        method.parameters = [{gas: 0}];
+
         await expect(method.execute()).rejects.toThrow(
-            `Transaction has been reverted by the EVM:\n${JSON.stringify({status: '0x0'}, null, 2)}`
+            `Transaction has been reverted by the EVM:\n${JSON.stringify({status: '0x0', gasUsed: 1}, null, 2)}`
         );
 
-        expect(providerMock.send).toHaveBeenCalledWith('rpcMethod', []);
+        expect(providerMock.send).toHaveBeenCalledWith('rpcMethod', method.parameters);
     });
 
     it('calls execute and returns a rejected Promise because the transaction ran out of gas', async () => {
         providerMock.send.mockReturnValueOnce(Promise.resolve('transactionHash'));
 
         observableMock.subscribe = jest.fn((next, error, complete) => {
-            next({count: 0, receipt: {status: '0x1', outOfGas: true}});
+            next({count: 0, receipt: {status: '0x0', gasUsed: 1}});
 
             complete();
         });
 
+        method.parameters = [{gas: 1}];
+
         await expect(method.execute()).rejects.toThrow(
             `Transaction ran out of gas. Please provide more gas:\n${JSON.stringify(
-                {status: '0x1', outOfGas: true},
+                {status: '0x0', gasUsed: 1},
                 null,
                 2
             )}`
         );
 
-        expect(providerMock.send).toHaveBeenCalledWith('rpcMethod', []);
+        expect(providerMock.send).toHaveBeenCalledWith('rpcMethod', method.parameters);
     });
 
     it('calls execute and calls the given callback with the transaction hash', (done) => {
@@ -192,7 +196,7 @@ describe('AbstractObservedTransactionMethodTest', () => {
 
             expect(transactionHash).toEqual('transactionHash');
 
-            expect(providerMock.send).toHaveBeenCalledWith('rpcMethod', []);
+            expect(providerMock.send).toHaveBeenCalledWith('rpcMethod', method.parameters);
 
             expect(beforeExecutionMock).toHaveBeenCalledWith(moduleInstanceMock);
 
diff --git a/packages/web3-eth-contract/src/methods/CallContractMethod.js b/packages/web3-eth-contract/src/methods/CallContractMethod.js
index eea40abc975..29c62d04972 100644
--- a/packages/web3-eth-contract/src/methods/CallContractMethod.js
+++ b/packages/web3-eth-contract/src/methods/CallContractMethod.js
@@ -22,6 +22,7 @@
 
 import {CallMethod} from 'web3-core-method';
 
+// TODO: Implement revert handling (AbstractContractMethod)
 export default class CallContractMethod extends CallMethod {
     /**
      * @param {Utils} utils
diff --git a/packages/web3-eth-contract/src/methods/SendContractMethod.js b/packages/web3-eth-contract/src/methods/SendContractMethod.js
index 9ac856bb9f4..9ac1a20a203 100644
--- a/packages/web3-eth-contract/src/methods/SendContractMethod.js
+++ b/packages/web3-eth-contract/src/methods/SendContractMethod.js
@@ -23,6 +23,7 @@
 import isArray from 'lodash/isArray';
 import {EthSendTransactionMethod} from 'web3-core-method';
 
+// TODO: Implement revert handling (AbstractContractMethod)
 export default class SendContractMethod extends EthSendTransactionMethod {
     /**
      * @param {Utils} utils