Contracts
A purchase contract typically expires if acceptance is not communicated by the offeror's:
A14th business day
BSpecified deadline, or within a reasonable time if no deadline is stated✓ Correct
CThe same calendar day it was made
DMidnight of the following day
Explanation
An offer expires if not accepted by the specified deadline. If no deadline is set, the offer lapses after a reasonable time.
People Also Study
Related Arkansas Questions
- 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?Contracts
- Under the doctrine of equitable conversion, once a real estate purchase contract is signed:Contracts
- In a real estate contract, 'time is of the essence' means that:Contracts
- When a buyer defaults on a purchase contract, the seller's remedy of keeping the earnest money as full compensation is known as:Contracts
Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Study This Topic
Practice More Arkansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arkansas Quiz →