Under Hawaii contract law, which of the following is NOT a valid method by which an offer to purchase real property may be terminated before a binding contract is formed?
Correct Answer
D) The offeree requests additional time to consider the offer beyond the stated deadline
Requesting additional time to consider an offer does NOT terminate the offer. It is simply a communication from the offeree and does not constitute rejection, counteroffer, or any other act that legally terminates the offer. The offer remains open (subject to its deadline) unless the offeror revokes it. By contrast, revocation by the offeror (A), lapse of the acceptance deadline (B), and a counteroffer (C) are all recognized methods of terminating an offer under Hawaii contract law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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