A buyer in Owensboro, Kentucky makes a written offer to purchase a home for $215,000. Before the seller responds, the buyer calls the seller's agent and says, 'I'm withdrawing my offer.' The seller's agent informs the buyer that the seller is reviewing the offer and will likely accept. Can the buyer legally revoke the offer at this point?
Correct Answer
C) Yes, because an offer may be revoked by the offeror at any time before acceptance is communicated
Under Kentucky contract law, an offeror has the right to revoke an offer at any time before acceptance has been communicated to them. Until the seller signs and delivers acceptance to the buyer, no binding contract exists, and the buyer retains the right to withdraw the offer. The fact that the seller is reviewing the offer or is likely to accept does not limit the buyer's revocation rights.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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