Buyer Kim makes a written offer on a Shawnee County property with the following clause: 'This offer is irrevocable for 72 hours from the date of presentation.' Kim pays no separate consideration for this promise of irrevocability. The seller does not respond within 72 hours. Kim then attempts to revoke the offer at hour 60. Under Kansas law, which statement is correct?
Correct Answer
B) Kim can revoke because without separate consideration the irrevocability clause is unenforceable as an option
Under Kansas contract law, a promise to keep an offer open (an option) requires separate, independent consideration to be enforceable. Without separate consideration paid specifically for the irrevocability promise, the clause is merely a gratuitous promise and does not create a binding option contract. Kim's offer remains a standard revocable offer, and Kim may revoke it at any time before acceptance is communicated — including at hour 60 — despite the written irrevocability clause.
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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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