Contracts
A Colorado buyer submits an offer with a 72-hour deadline for the seller to accept. On hour 70, the seller calls to negotiate. What is the legal status of the offer?
AThe seller's call constitutes acceptance
BThe offer remains open until the 72-hour deadline expires; verbal negotiations don't extend the deadline✓ Correct
CThe offer is automatically revoked when the seller calls
DThe buyer must extend the deadline upon being contacted
Explanation
An offer remains open until its stated deadline unless revoked by the offeror before that time. The seller calling to negotiate does not constitute acceptance and does not extend the deadline. The seller must formally accept, reject, or counter the offer before the deadline.
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