A buyer's agent in Nevada receives a signed counteroffer from the seller and immediately emails a copy to the buyer. The buyer emails back 'I accept' within two hours. The seller's agent then informs the buyer's agent that the seller has decided to withdraw the counteroffer. Under Nevada contract law, which of the following is most likely correct?
Correct Answer
C) A binding contract was formed if the buyer's emailed acceptance was communicated to the seller's agent before the seller's withdrawal was communicated to the buyer or buyer's agent
Under Nevada contract law, a counteroffer (like any offer) may be revoked before acceptance is communicated to the offeror. The critical question is timing: if the buyer's acceptance was communicated to the seller's agent before the seller's withdrawal reached the buyer or buyer's agent, a binding contract was formed. Email communication is a recognized method of communication in Nevada real estate transactions. The race between acceptance and revocation is decided by which communication was received first by the appropriate party.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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