All of the following terminate the offeree's power to accept an offer EXCEPT
Correct Answer
A) An inquiry by the offeree about the terms
The power to accept ends when the offer ends: on a rejection, on a counteroffer, which operates as a rejection and puts a new proposal on the table, on a revocation communicated before acceptance, on lapse of the stated or a reasonable time, or on the death or incapacity of a party. An offeree who merely asks a question, such as whether the seller would consider a later closing date, has neither refused the offer nor proposed different terms. The law distinguishes a mere inquiry from a counteroffer precisely so that a party can ask about terms without destroying the offer, which remains open for acceptance.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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