Leilani submits a written offer to purchase a condominium in Honolulu for $650,000. Before the seller responds, Leilani calls her broker and says she wants to withdraw the offer. The seller has not yet signed the offer. Which of the following statements is correct under Hawaii law?
Correct Answer
D) Leilani can withdraw the offer at any time before she is notified of the seller's acceptance
Under Hawaii contract law, an offeror may revoke an offer at any time before acceptance has been communicated to them. Because the seller has not yet accepted, Leilani retains the right to withdraw her offer without penalty. A binding contract has not yet been formed, so no forfeiture or special consent is required.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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