Contracts
A Minnesota buyer submits an offer with a 48-hour response deadline. After 24 hours, the seller submits a counter-offer. What happened to the original offer?
AIt is still pending since the 48-hour period hasn't expired
BIt was terminated by the seller's counter-offer✓ Correct
CThe buyer must respond to the counter within the original 48-hour window
DBoth offers are now binding simultaneously
Explanation
When a seller makes a counter-offer in Minnesota, the original offer is terminated and replaced by the counter-offer. The 48-hour deadline was for the original offer only. The counter-offer creates a new timeframe for the buyer to respond. Only one offer can be in force at a time, so the original offer is extinguished by the counter-offer.
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