A buyer in Oklahoma City submits a written offer on a residence and specifies that the offer will expire at 5:00 PM on Friday. The seller calls the buyer's agent at 6:30 PM on Friday to verbally accept the offer. Under Oklahoma law, what is the status of the offer?
Correct Answer
D) The offer has expired, and the seller's response constitutes a new offer
Under Oklahoma contract law, an offer that contains a stated expiration time lapses automatically at that time. The buyer's offer expired at 5:00 PM Friday. The seller's purported acceptance at 6:30 PM is legally ineffective as an acceptance of the original offer. Instead, it operates as a new offer from the seller, which the buyer may choose to accept or reject.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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.
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