Contracts
A buyer submits an offer on a Colorado property. Before the seller accepts, the buyer's agent calls to withdraw the offer. Which is correct?
AThe offer cannot be withdrawn once submitted
BThe offer can be withdrawn at any time before acceptance✓ Correct
CThe offer can only be withdrawn with the seller's consent
DThe offer can only be withdrawn if the earnest money has not been deposited
Explanation
An offer may be revoked (withdrawn) by the offeror at any time before it has been accepted, even if the offer contains a stated deadline. Once the offer is properly accepted, it becomes a binding contract.
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