Contracts
A property in Portland is listed at $650,000. The buyer offers $625,000. The seller counters at $640,000 with a 48-hour deadline. Before the deadline passes, the seller accepts a higher offer from another buyer. This is:
APermissible — the seller may revoke the counteroffer before the buyer accepts✓ Correct
BNot permissible — the seller must honor the counteroffer for 48 hours
CPermissible only if the buyer has not yet seen the counteroffer
DNot permissible — Oregon law prohibits accepting multiple offers
Explanation
A counteroffer is an offer that can be revoked by the party who made it (the seller) at any time before the other party (buyer) communicates acceptance. The seller's stated 48-hour deadline does not bind the seller unless there was additional consideration given for keeping the offer open.
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