A buyer submits an offer on a Florida property using the FAR/BAR contract with a closing date of March 15. The seller counteroffers with a closing date of March 30. The buyer verbally accepts the counteroffer on February 1 but doesn't sign and return it until February 5. The seller sold to another buyer on February 3. What is the legal outcome?
Correct Answer
C) The seller validly sold to the second buyer as no contract existed with the first
Correct: C - Verbal acceptance of a real estate counteroffer is insufficient under the Statute of Frauds. No contract existed until written acceptance, which hadn't occurred by February 3. Why not A: Verbal acceptance doesn't create a binding real estate contract. Why not B: No contract existed to breach. Why not D: Only the second buyer has a valid contract.
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Previous Question
A Florida licensee prepares an 'as-is' contract for a residential property. During the inspection period, the buyer discovers extensive termite damage not previously disclosed. The seller knew about the damage but didn't disclose it, believing the 'as-is' clause protected them. Under Florida law, what is the buyer's best recourse?
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In Florida real estate contracts, what legal principle requires that both parties exchange something of value?