Contracts
A Kentucky buyer's offer expires at noon on Friday. The seller signs and returns the accepted offer at 2 p.m. on Friday. This creates:
AA binding contract since the seller accepted before the end of business
BA counteroffer that the buyer must now accept
CNo contract; the original offer expired✓ Correct
DA voidable contract at the buyer's option
Explanation
An offer that specifies a time for acceptance must be accepted before that time or it expires. An attempted acceptance after the stated deadline is legally a new offer (counteroffer), not acceptance of the original expired offer.
Related Kentucky Contracts Questions
- In Kentucky, the real estate sales contract is sometimes called the 'agreement of purchase and sale.' For it to be enforceable, it must:
- In Kentucky, a real estate contract that requires the buyer to pay a non-refundable option fee for the right to purchase is likely structured as:
- A Kentucky buyer submits an offer with a financing contingency. If the buyer cannot obtain financing and properly invokes the contingency, the buyer is:
- A Kentucky 1031 exchange allows an investor to:
- Under Kentucky law, a contract for the sale of real property where both parties have performed all obligations is said to be:
- A Kentucky lease that contains an escalation clause provides for:
- In a Kentucky real estate contract, an addendum is used to:
- A Kentucky purchase contract is voidable (not void) if it was entered into by a party who was:
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →