Contracts
A buyer makes an offer on a home and the seller counters with a higher price. The buyer then submits a new offer at the seller's counter price. At this point, what is the legal status of the original offer?
AIt is still valid and can be accepted by the seller
BIt was revoked when the seller made a counteroffer✓ Correct
CIt remains open until the buyer withdraws it in writing
DIt is automatically extended for 72 hours
Explanation
A counteroffer acts as a rejection of the original offer and creates a new offer. The original offer is legally dead once a counteroffer is made.
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