Marcus, a buyer's agent in Kansas, presents an offer to purchase a property in Topeka on Monday morning. The listing agent calls Marcus on Tuesday afternoon and says, 'The seller accepted your offer this morning — congratulations!' However, Marcus had already submitted a written revocation of the offer on Tuesday at noon. Under Kansas law, is there a binding contract?
Correct Answer
A) Yes, because the seller accepted before Marcus delivered the revocation to the seller
Under Kansas contract law, an offer may be revoked any time before acceptance, but the revocation is only effective when it is actually communicated to the offeree (the seller). In this scenario, the seller accepted the offer on Tuesday morning, and Marcus's written revocation was not delivered to the seller until Tuesday at noon — after acceptance had already occurred. Because acceptance preceded the revocation reaching the seller, a binding contract was formed at the moment of acceptance Tuesday morning.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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