Under Nevada contract law, which of the following actions would NOT terminate a buyer's outstanding offer to purchase real property?
Correct Answer
C) The buyer's agent verbally confirms to the buyer that the offer has been delivered to the seller
The buyer's agent confirming delivery of the offer to the buyer does NOT terminate the offer — it is simply an administrative communication about the status of the offer. Delivery confirmation has no legal effect on the existence or validity of the offer itself. The offer remains open until it is accepted, rejected, countered, revoked, or expired. None of those events occur merely because the buyer's agent confirms the offer was delivered.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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.
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