Donna, a seller in Medina County, Ohio, wants to withdraw her acceptance of a purchase agreement after signing. The buyer has already received the signed contract. Under Ohio contract law, can Donna withdraw her acceptance?
Correct Answer
D) No, once the signed acceptance is delivered to the buyer, a binding contract exists
Under Ohio contract law, once the seller's signed acceptance is communicated (delivered) to the buyer or the buyer's agent, a binding contract exists. Donna cannot unilaterally withdraw her acceptance after delivery. She would be in breach of contract if she refused to perform.
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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.
More Oh Specific Contracts Forms Questions
Jack, an Ohio buyer, has a purchase agreement with an inspection contingency. The home inspector discovers that the home has knob-and-tube wiring in the attic, which is still functioning. Jack's insurance company informs him that they will not insure the property unless the wiring is replaced. Under Ohio practice, what is Jack's best option?
Peter, an Ohio buyer, asks his agent about the difference between actual damages and liquidated damages. Under Ohio law, which statement correctly distinguishes the two?
Frank, an Ohio buyer, discovers that the seller's listing agent provided false information about the property's zoning. Frank suffered financial losses as a result. Under Ohio law, can Frank file a claim with the Ohio Real Estate Recovery Fund?
Lucy, an Ohio buyer, asks her agent about the statute of limitations for breach of a written real estate purchase agreement. Under Ohio law, how long does the buyer have to file a breach of contract lawsuit?
Megan, a first-time Ohio buyer, asks her agent what 'specific performance' means as a remedy for breach of contract. Under Ohio law, which description is correct?
- → Grace, a buyer in Ohio, wants to know the difference between rescission and breach of contract. Under Ohio law, what is rescission?
- → Allen, an Ohio buyer, believes the seller's agent made negligent misrepresentations about the property's condition during the sale. Under Ohio law, who may Allen pursue for damages?
- → Oliver, an Ohio buyer, wants to understand the concept of 'mutual rescission' in the context of his purchase agreement. Under Ohio law, what is mutual rescission?
- → Richard, an Ohio seller, breaches a purchase agreement. The buyer decides not to pursue the property but wants monetary compensation for expenses and losses. Under Ohio law, what type of remedy is the buyer seeking?
- → Tom, an Ohio buyer, refuses to close on a property after all contingencies have been satisfied and all deadlines have passed. Under Ohio contract law, what type of action has Tom committed?
- → Kevin, an Ohio buyer, discovers after closing that the seller fraudulently concealed a major foundation defect on the Residential Property Disclosure Form. Under Ohio law, what remedy can Kevin pursue?
- → Martha, an Ohio seller, provides a warranty deed to the buyer at closing. After closing, the buyer discovers an existing lien that was not disclosed. Under Ohio deed warranty law, what remedy does the buyer have?
- → Keith, an Ohio buyer, defaults on a purchase agreement. The seller does not have a liquidated damages clause in the contract. Under Ohio law, what must the seller prove to recover damages?
- → Jill, an Ohio buyer, wants to know whether punitive damages are available in a breach of contract case. Under Ohio law, which statement is correct?
- → Eva, an Ohio buyer, sues the seller for breach of the purchase agreement and wins a judgment of $25,000. The seller refuses to pay. Under Ohio law, what enforcement options does Eva have?
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Previous Question
An Ohio purchase agreement contains a provision that states: 'Seller warrants that all mechanical systems will be in working order at the time of closing.' The furnace fails two days before closing. Under Ohio contract law, what is the seller's obligation?
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Michael, an Ohio broker, is listing a property where the seller has an existing home equity line of credit (HELOC) in addition to the first mortgage. Under Ohio contract practice, how should the purchase agreement address the existing liens?