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?
Why The offer remains open until the 72-hour deadline expires; verbal negotiations don't extend the deadline Is Correct
Answer B: The offer remains open until the 72-hour deadline expires; verbal negotiations don't extend the deadline
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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Key Terms to Know
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
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