An Arkansas seller accepts a purchase offer on Monday morning. The seller's agent emails the signed acceptance to the buyer's agent at 10:00 AM on Monday. The buyer's agent does not communicate the acceptance to the buyer until Tuesday afternoon. The seller attempts to revoke the acceptance on Monday evening, claiming the buyer did not yet know about it. Under Arkansas contract law, when was the contract formed?
Correct Answer
C) When the seller's agent delivered the signed acceptance to the buyer's agent on Monday morning
Under Arkansas agency and contract law, a buyer's agent is the buyer's authorized representative. Delivery of the signed acceptance to the buyer's agent constitutes delivery to the buyer, and the contract is formed at that moment — Monday at 10:00 AM. The seller's attempt to revoke the acceptance on Monday evening is ineffective because the contract was already formed upon delivery to the buyer's agent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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