Maria submits a written offer to purchase a home in Montclair, New Jersey for $450,000. Before the seller responds, Maria calls her agent and says she wants to withdraw the offer. Which of the following statements is correct under New Jersey law?
Correct Answer
B) Maria can withdraw the offer at any time before the seller communicates acceptance to her
Under New Jersey contract law, an offer can be revoked by the offeror at any time before acceptance is communicated. Since the seller has not yet communicated acceptance to Maria, she retains the right to withdraw her offer freely and without penalty.
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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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