Contracts
An offer to purchase is best revoked before acceptance by:
AThe offeror sending a text message to the agent
BThe offeror communicating revocation to the offeree before acceptance is communicated✓ Correct
CThe offeror's attorney filing a notice with the court
DSimply not responding to the counter-offer
Explanation
An offer may be revoked any time before it is accepted, as long as the offeror communicates the revocation to the offeree before the offeree communicates their 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.
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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