Contracts
Under the GAR Purchase and Sale Agreement, if the seller does not respond to an offer within the stated deadline, the offer:
AAutomatically becomes a binding contract
BExpires and is no longer valid✓ Correct
CExtends for an additional 24 hours
DMust be submitted to GREC for arbitration
Explanation
Under the GAR contract, an offer must be accepted within the time stated or it expires. Silence does not constitute acceptance, and the offeror is free to withdraw or the offer simply lapses.
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