Contracts
A Virginia seller counter offers the buyer's offer, increasing the price by $5,000. Before the buyer responds, the seller calls the buyer's agent and revokes the counter. The counter offer is:
AStill open for 24 hours
BValidly revoked — an offer (or counteroffer) can be revoked any time before acceptance✓ Correct
CBinding on the seller because it was written
DOnly revocable through VREB
Explanation
Under contract law, an offer (or counteroffer) can be revoked by the offeror at any time before acceptance, even if a deadline was set. Until communicated acceptance, no contract exists.
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