Contracts
In Missouri, an offer is considered 'lapsed' when:
AThe buyer changes their mind
BThe stated acceptance deadline passes without the offeror being notified of acceptance✓ Correct
CThe seller signs but doesn't date it
DThe earnest money bounces
Explanation
An offer lapses (expires) when the acceptance deadline passes without acceptance being communicated to the offeror, or after a reasonable time if no deadline was specified.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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