Contracts
Under Rhode Island law, an offer to purchase real estate may be revoked by the offeror:
AAt any time before acceptance is communicated to the offeror✓ Correct
BOnly within the first 24 hours after making the offer
CNever — an offer is irrevocable once delivered
DOnly with the other party's written consent
Explanation
An offer may be revoked by the offeror at any time before acceptance is communicated back to the offeror, even if the offer states it will remain open for a specified period (unless supported by consideration as an option).
Related Rhode Island Contracts Questions
- A Rhode Island buyer who wants to protect themselves against the property being sold to someone else after their offer is accepted but before closing should ensure the contract is:
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