Contracts
In Ohio, an 'irrevocable offer' means that the offeror:
AMust accept the offer themselves
BCannot revoke the offer for a specified period (usually in an option contract supported by consideration)✓ Correct
CMay revoke the offer at any time before acceptance
DIs bound to negotiate with all interested parties
Explanation
An irrevocable offer (supported by an option contract with consideration) cannot be revoked for the specified period. Without consideration, an offer is generally revocable at will before acceptance.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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