Contracts
In New York, when a buyer makes an offer and the seller makes a counteroffer, which is true?
AThe buyer must accept within 24 hours
BThe original offer is terminated; the buyer can accept, reject, or counter the seller's new terms✓ Correct
CThe original offer remains open until the seller's counteroffer expires
DThe broker is authorized to accept on the buyer's behalf
Explanation
A counteroffer terminates the original offer. The buyer is under no obligation to accept; they can accept the seller's counteroffer, reject it, or make another counteroffer on new terms.
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