Contracts
An Iowa seller who accepts an offer and then receives a higher offer cannot simply void the first contract because:
AThe IREC does not allow cancellation of purchase agreements
BOnce a valid contract is formed by offer and acceptance, both parties are legally bound and the seller cannot unilaterally withdraw✓ Correct
CThe buyer's earnest money creates an automatic injunction
DIowa law requires a minimum 72-hour waiting period after acceptance
Explanation
Once a purchase agreement is formed through valid offer and acceptance, it is a binding contract. The seller cannot simply walk away.
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