Contracts
A buyer makes an offer to purchase a property and specifies that the offer will expire in 48 hours. Before the 48 hours expire, the seller rejects the offer. Can the buyer still enforce the original offer?
AYes, because the 48 hours have not yet elapsed
BNo, because the seller's rejection terminated the offer✓ Correct
CYes, if the buyer deposited earnest money
DNo, but only if the rejection was in writing
Explanation
Once an offer is rejected by the offeree, it is terminated regardless of any time limit set in the offer. The buyer cannot compel the seller to accept the original offer after rejection.
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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.
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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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