Contracts
Under Iowa contract law, an offer to purchase real estate may be revoked by the buyer:
AOnly after 24 hours
BAt any time before the seller communicates acceptance✓ Correct
COnly if the offer includes a revocation clause
DNever, once the offer is submitted
Explanation
An offer may be revoked by the offeror (buyer) at any time before the offeree (seller) communicates acceptance. Once acceptance is communicated to the buyer, a binding contract is formed and unilateral revocation is not permissible.
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