Buyer Rivera submits a written offer to purchase a Lawrence, Kansas property for $410,000 with earnest money of $5,000. The seller's agent receives the offer on Wednesday at 3:00 PM. On Thursday at 10:00 AM, before the seller responds, Rivera calls his agent and says he wants to withdraw the offer. Rivera's agent immediately emails the seller's agent with the written revocation. At 11:00 AM Thursday, the seller signs and returns the accepted contract to the listing agent. Under Kansas law, which outcome is correct?
Correct Answer
B) No contract exists because Rivera's revocation was communicated before the seller's acceptance reached Rivera's agent
Under Kansas contract law, an offer may be revoked at any time before acceptance is communicated back to the offeror. Rivera's written revocation was emailed to the seller's agent at 10:00 AM Thursday — before the seller signed and returned the accepted contract at 11:00 AM. Because the revocation was communicated before acceptance was communicated to Rivera's agent, Rivera's offer was effectively withdrawn. No binding contract was formed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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.
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