Contracts
A Connecticut seller's counteroffer states 'This counteroffer expires at 5:00 PM on Friday.' The buyer signs the counteroffer at 3:00 PM Friday but the seller does not learn of the acceptance until Monday. Is there a binding contract?
ANo, because the seller was not aware of the acceptance on Friday
BYes, because the buyer accepted before the deadline and the acceptance was properly communicated✓ Correct
CNo, because a real estate contract requires simultaneous execution
DYes, but only if the buyer records the contract
Explanation
Under the mailbox rule and general contract principles, acceptance is effective when communicated within the specified period. If the buyer accepted before 5:00 PM Friday and the acceptance was dispatched to the seller, a binding contract was formed.
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