A buyer submits a written offer to purchase a condominium in Boston for $620,000 with a deadline for acceptance by 5:00 PM on Friday. The seller's agent calls the buyer's agent at 4:45 PM Friday and verbally communicates acceptance. The seller then emails a signed acceptance at 6:00 PM Friday. Under Massachusetts contract law, when was the contract formed?
Correct Answer
C) No enforceable written contract was formed because the signed written acceptance arrived after the 5:00 PM deadline
Under the Massachusetts Statute of Frauds (MGL c. 259, s. 1), a real estate purchase contract must be in writing and signed by the party to be charged. The verbal 4:45 PM acceptance does not satisfy the writing requirement, and the signed written acceptance arrived at 6:00 PM, after the 5:00 PM offer deadline expired, so no enforceable contract was formed within the offer's terms.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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