Contracts
A buyer in Ohio submits an offer on a Saturday with a Monday 5:00 PM acceptance deadline. The seller signs on Sunday afternoon but the buyer is not notified until Tuesday. Is there a contract?
AYes — the seller's signature creates a binding contract
BNo — the offer expired before notice of acceptance reached the buyer by the deadline✓ Correct
CYes — Sunday offers are treated differently
DIt depends on whether the buyer's agent was available Monday
Explanation
A contract requires not just acceptance but also notification of acceptance within the offered time. If the buyer is not notified by the deadline, the offer lapses regardless of when the seller signed.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
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.
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