Maria submits a written offer to purchase a single-family home in Hartford, Connecticut, for $385,000, with the offer set to expire at 5:00 PM on Friday. On Thursday afternoon, the seller verbally tells his broker that he accepts the offer. The broker does not contact Maria until Saturday morning. Has a contract been formed?
Correct Answer
D) No, because the acceptance was not communicated to Maria before the offer expired on Friday
Under Connecticut contract law, acceptance must be communicated to the offeror before the offer expires in order to form a binding contract. Although the seller expressed acceptance on Thursday (before the Friday deadline), that acceptance was never communicated to Maria before the 5:00 PM Friday expiration. Because Maria was not notified until Saturday — after the offer had lapsed — no contract was formed. The offer expired by its own terms.
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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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