Contracts
Under Maine contract law, an offer is revoked when:
AThe offeree receives notice of revocation before accepting✓ Correct
BThe offeror changes their mind after the offer is accepted
CThe offeree makes a counteroffer after accepting
DThe listing period expires
Explanation
An offer may be revoked (withdrawn) by the offeror at any time before the offeree communicates acceptance, as long as the revocation is received by the offeree before acceptance.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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