Contracts
A buyer makes an offer on a Virginia home. Before the seller responds, the buyer attempts to withdraw the offer. Which of the following is true?
AThe buyer cannot withdraw; the offer is irrevocable for 72 hours
BThe buyer may withdraw the offer at any time before the seller's acceptance is communicated✓ Correct
CThe buyer may withdraw only if the seller agrees
DThe earnest money is forfeited if the offer is withdrawn
Explanation
An offer may be revoked by the offeror at any time before acceptance is communicated to the offeror. Once the seller accepts and communicates acceptance, a binding contract is formed.
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