Contracts
A Kansas buyer makes an offer with a 48-hour acceptance deadline. The seller makes a counteroffer 36 hours later. The buyer's original offer:
ARemains open for 12 more hours
BIs rejected by the counteroffer and no longer exists✓ Correct
CAutomatically becomes a binding contract after 48 hours
DMust be formally withdrawn by the buyer
Explanation
The seller's counteroffer legally rejects the buyer's original offer. The original offer is extinguished and cannot be revived — a new acceptance of the original offer cannot create a contract.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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