Contracts
In New Mexico, a purchase contract that expires without buyer acceptance is:
AStill binding for 30 days
BTerminated—the offeror is no longer bound and may revoke or resubmit✓ Correct
CAutomatically extended for 5 business days
DBinding once the seller signs later
Explanation
If an offer is not accepted before its specified expiration (or within a reasonable time if no deadline is stated), the offer lapses. The offeror is released from their offer and may submit a new offer or pursue other properties.
Related New Mexico Contracts Questions
- In New Mexico, a purchase contract's 'closing date' typically means:
- The phrase 'time is of the essence' in a New Mexico real estate contract is most likely to have significant consequences when:
- Under the Statute of Frauds, real estate contracts in New Mexico must be:
- What does 'time is of the essence' mean in a New Mexico real estate contract?
- What is the effect of a counteroffer in a real estate transaction?
- Under New Mexico contract law, when does a contract become binding on both parties?
- A novation in a New Mexico real estate context occurs when:
- Which of the following best describes an executory contract?
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →