A buyer submits an offer on a Florida property with an expiration time of 5:00 PM Friday. At 4:45 PM Friday, the seller's agent calls to say the seller accepts. At 4:55 PM, before receiving the signed acceptance, the buyer calls to revoke the offer. The signed acceptance arrives at 5:10 PM. Is there a binding contract?
Correct Answer
B) No, because the buyer revoked before receiving acceptance
Correct: B - Under Florida law, an offer can be revoked any time before acceptance is communicated to the offeror. The buyer's revocation at 4:55 PM was effective because they hadn't received the acceptance. Why not A: Acceptance must be communicated to be effective, not just signed. Why not C: The timing issue is revocation before receipt, not the deadline. Why not D: Real estate contracts require written acceptance under Florida's Statute of Frauds.
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In Florida, all of the following would make a real estate contract void or voidable EXCEPT:
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Mark agrees to buy Jennifer's Florida home for $350,000. The contract states that Mark will pay $1,000 earnest money, but he never actually deposits it. Jennifer later tries to cancel the contract claiming failure of consideration. What is the likely outcome?