Contracts
A buyer submits an offer. Before the seller accepts, the buyer changes their mind and withdraws the offer. This is an example of:
ABreach of contract
BCounteroffer
CRevocation✓ Correct
DRejection
Explanation
Revocation occurs when the offeror withdraws their offer before it is accepted by the offeree. A revocation terminates the offer and no contract is formed.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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