Contracts
A Washington buyer's offer states that the seller must respond by 5 pm Friday. At 6 pm Friday the seller accepts. The buyer then refuses to proceed. Who is correct?
AThe seller, because the acceptance was close enough in time
BThe buyer, because the offer expired and there is no binding contract✓ Correct
CThe seller, because acceptance within 24 hours is implied
DThe buyer must proceed because verbal acceptance was made
Explanation
An offer that is not accepted by the stated deadline expires. A late acceptance constitutes a new offer (counteroffer) from the seller. Because the buyer did not accept the counteroffer, there is no binding contract.
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