A buyer in Edmond, Oklahoma makes an offer on a property and includes a clause stating the offer is irrevocable for 48 hours. Twenty hours later, the buyer changes his mind and attempts to revoke the offer before the seller has responded. Under Oklahoma contract law, what is the most accurate statement about the buyer's ability to revoke?
Correct Answer
B) The buyer can revoke because an offeror may withdraw an offer at any time before acceptance unless consideration was given for the irrevocability
Under general Oklahoma contract law, an offeror may revoke an offer at any time before acceptance, even if the offer states it will remain open for a specified period. A promise to keep an offer open is not binding unless it is supported by separate consideration — in which case it becomes an option contract. Without consideration paid for the irrevocability period, the buyer's promise to keep the offer open for 48 hours is unenforceable, and the buyer may revoke before acceptance.
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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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