Contracts
A Mississippi buyer's agent submits an offer on behalf of their client with a 48-hour acceptance deadline. The seller's agent acknowledges receipt but the seller takes 72 hours to respond. Is there a binding contract?
AYes, because the seller eventually accepted
BNo, because the offer's deadline passed, making the original offer expired; the seller's late acceptance is a new offer✓ Correct
CYes, because the buyer's agent received the acknowledgment
DNo, because the seller must always respond within 24 hours
Explanation
An offer with a specified deadline expires if not accepted within that time. A 'late acceptance' (after the deadline) is treated as a new offer by the seller, which the buyer may accept or reject.
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