Contracts
A buyer's offer states it will expire at 5:00 PM on Friday. The seller signs and returns the acceptance at 6:00 PM Friday. This creates:
AA binding contract, because the seller accepted within the same day
BNo contract — the offer expired before acceptance was communicated✓ Correct
CA voidable contract at the buyer's option
DA valid contract if the buyer endorses the late acceptance in writing
Explanation
If the seller accepts after the offer's expiration time, the acceptance is a counter-offer, not a valid acceptance. No contract is formed unless the buyer accepts the seller's late acceptance as a new offer.
Related Arkansas Contracts Questions
- Consideration in a real estate contract must be:
- Which of the following best describes an earnest money dispute between buyer and seller?
- Under Arkansas's Statute of Frauds, real estate purchase contracts must be:
- Which of the following correctly describes a valid offer?
- A contract that appears valid on its face but can be voided by one of the parties is called:
- Specific performance as a remedy in a real estate contract dispute means:
- An amendment to a real estate contract differs from an addendum in that an amendment:
- Mutual mistake occurs in a contract when:
Practice More Arkansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arkansas Quiz →