Contracts
An Oklahoma seller's counteroffer includes a 48-hour expiration deadline. If the buyer does not accept within 48 hours:
AThe original offer automatically becomes effective again
BThe counteroffer expires and neither the original offer nor the counteroffer remains open; the seller is free to negotiate with other buyers✓ Correct
CThe seller must extend the deadline upon request
DThe contract is formed by default at the original offer terms
Explanation
When a counteroffer expires, both the original offer and the counteroffer are dead. The seller is free to negotiate with others and the buyer must make a new offer if they wish to proceed. Neither party is bound to any prior terms.
Related Oklahoma Contracts Questions
- In Oklahoma, the closing date in a real estate purchase contract is:
- Which of the following is an example of a unilateral contract in real estate?
- A contract that is voidable differs from a void contract in that a voidable contract:
- A 'dead' offer in Oklahoma real estate refers to an offer that:
- An Oklahoma seller accepts a purchase offer and both parties sign. Before the buyer delivers the earnest money, the seller receives a higher offer. The seller may:
- What is the legal effect of a counteroffer on the original offer?
- An addendum to a purchase contract is used to:
- In Oklahoma, earnest money deposited by a buyer is:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →