A vendor receives two identical offers on the same day, both for the asking price with the same conditions. The first offer was received at 2 PM and signed by the vendor at 4 PM. The second offer was received at 3 PM and signed by the vendor at 3:30 PM, with the purchaser notified immediately. Which agreement is legally binding?

Option A: The first offer, as it was received first

Option A incorrectly focuses on when offers were received rather than when contracts were formed. Under contract law, the time of receipt is irrelevant to contract formation. What matters is when acceptance is communicated to the offeror. The first offer, despite being received earlier, was not accepted and communicated until after the second contract was already binding.

Option C: Both agreements are binding and the vendor must choose

Option C is incorrect because a vendor cannot legally bind themselves to sell the same property to multiple purchasers. Once the second offer was accepted and communicated, creating a binding contract, the vendor lost the legal capacity to accept any other offers for the same property. Dual contracts for identical property would be impossible to fulfill and legally invalid.

Option D: Neither agreement is binding due to the conflict

Option D is wrong because there is no legal conflict that prevents contract formation. The second agreement is perfectly valid and binding. The fact that another offer existed does not invalidate the properly formed contract. Contract law provides clear rules for determining which agreement takes precedence based on timing of acceptance and communication.