if in a bus or ring topology, is there any acknowledgement or error mechanism that if a packet is sent/or failed to receive/lost.
Generally, there are no recovery mechanisms for packets or frames lost in either topology on the data link layer or the network layer. (IP as the predominant network-layer protocol uses ICMP for returning error messages when a packet cannot be forwarded, but I don't think that's what you're asking.)
Packets and frames can get lost at any time due to a failing device or simply by a transmission failure - packets failing checksum verification are dropped.
Recovery of data transported in lost packets is provided by some transport-layer protocols, most prominently TCP, and is otherwise up to the application (layer).