A buyer's Sales Associate in Stillwater, Oklahoma sends a written offer by email to the listing broker at 3:00 PM on Wednesday. The listing broker receives the email but does not forward it to the seller until Thursday morning. The seller accepts and signs the contract Thursday afternoon, and the listing broker notifies the buyer's agent at 4:00 PM Thursday. The original offer stated it would expire at 5:00 PM Wednesday. Under Oklahoma law, which statement best describes the legal status of the transaction?
Correct Answer
D) No binding contract was formed because the offer expired at 5:00 PM Wednesday before acceptance was communicated
The buyer's offer contained a specific expiration time of 5:00 PM Wednesday. The listing broker's failure to promptly forward the offer to the seller does not extend the offer's validity. The seller's acceptance on Thursday afternoon occurred after the offer had already lapsed. No binding contract was formed. The listing broker's delay may constitute a violation of OREC duties, but it does not revive an expired offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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