A buyer submits an offer on a single-family home in Greenwich, Connecticut, with a 48-hour acceptance deadline. Before the seller responds, the buyer calls the listing broker and verbally revokes the offer. The seller then signs and delivers written acceptance to the buyer's agent within the original 48-hour window, after the buyer's verbal revocation. Is there a binding contract?
Correct Answer
A) No, because an offer can be revoked by the offeror at any time before acceptance is communicated, even verbally
Under Connecticut contract law, an offeror has the right to revoke an offer at any time before acceptance is communicated, unless the offer is supported by consideration (i.e., an option contract). The buyer's verbal revocation, communicated to the listing broker before the seller's acceptance was delivered, effectively terminated the offer. The seller's subsequent written acceptance was directed at an offer that no longer existed. Therefore, no binding contract was formed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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.
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