A buyer submits an offer to purchase a home in Covington. The seller sends back a signed counteroffer with a higher price and a 48-hour acceptance deadline. The buyer's agent receives the counteroffer by email at 9:00 AM on Tuesday. At 4:00 PM on Wednesday — exactly 31 hours later — the buyer's agent emails the seller's agent saying the buyer accepts. However, the seller had emailed a revocation of the counteroffer at 3:45 PM on Wednesday, which the buyer's agent did not see until after sending the acceptance. Under Louisiana Civil Code principles, was a contract formed?
Correct Answer
A) Yes, a contract was formed because the buyer's acceptance was sent before the 48-hour deadline expired
Louisiana Civil Code Art. 1928 makes an offer with a stated acceptance period irrevocable during that period. The seller's 48-hour counteroffer was therefore irrevocable, the attempted revocation 31 hours later was legally ineffective, and the buyer's acceptance well inside the 48-hour window formed a binding contract.
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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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