A buyer in Overland Park makes a written offer on a home and includes a clause stating the offer will expire at 5:00 PM on Friday. The seller does not respond until Saturday morning. Under Kansas law, what is the status of the offer on Saturday?
Correct Answer
B) The offer has lapsed and the seller's Saturday response is a new offer to the buyer
Under Kansas contract law, an offer that contains a specified expiration time lapses automatically when that deadline passes without acceptance. The seller's attempt to accept on Saturday — after the 5:00 PM Friday deadline — is legally ineffective as an acceptance of the original offer. Instead, it functions as a new offer from the seller to the buyer, which the buyer may then accept, reject, or counter.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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