A buyer in Concord, NH submits a written offer to purchase a single-family home for $385,000. Before the seller responds, the buyer calls the listing agent and says, 'I want to withdraw my offer.' The seller has not yet signed anything. Which of the following statements is correct?
Correct Answer
B) The buyer can withdraw the offer at any time before the seller communicates acceptance
Under New Hampshire contract law, an offer may be revoked by the offeror at any time before acceptance has been communicated to the offeror. Because the seller has not yet accepted or communicated acceptance, the buyer retains the right to withdraw the offer freely. No consideration has been exchanged and no option contract exists, so the offer is not irrevocable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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