Contracts
A buyer submits an offer. Before the seller responds, the buyer withdraws the offer. This is an example of:
ARejection
BCounteroffer
CRevocation✓ Correct
DBreach
Explanation
Revocation is the withdrawal of an offer by the offeror before it is accepted. An offer can be revoked at any time prior to acceptance, unless the offer is irrevocable (as in an option contract).
Related Arkansas Contracts Questions
- A buyer and seller enter into a contract for the sale of land. Before closing, the seller dies. What happens to the contract?
- The parol evidence rule states that:
- A contract for deed (land contract) is an arrangement where:
- A lease for more than one year in Arkansas must be:
- An addendum to a real estate contract:
- Which clause in a purchase contract allows a seller to continue marketing the property and accept a better offer, giving the original buyer the right to remove a contingency or lose the contract?
- A counteroffer legally:
- A buyer's offer is contingent on obtaining financing. The buyer is unable to qualify for a loan and properly invokes the financing contingency. What happens to the earnest money?
Practice More Arkansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arkansas Quiz →