Contracts
A Michigan buyer submits an offer with a 48-hour acceptance deadline. The seller accepts 72 hours later. This creates:
AA binding contract because the seller accepted
BA new counteroffer that the buyer can accept or reject
CNo contract; the original offer expired✓ Correct
DAn option contract for an additional 24 hours
Explanation
An offer that is not accepted within the specified time frame expires (lapses). The seller's late acceptance is legally a counteroffer (a new offer), not an acceptance of the original offer.
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