Contracts
A North Dakota buyer's purchase offer is 'irrevocable for 48 hours.' During this period, the buyer:
AMay withdraw the offer at any time
BHas bound themselves to the offer and typically cannot withdraw it during the specified period✓ Correct
CCan modify any terms without the seller's knowledge
DMust close within 48 hours
Explanation
An irrevocable offer cannot be withdrawn by the offeror during the specified period. The offeror has, in effect, contracted to keep the offer open, though this commitment requires consideration to be enforceable in most states.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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