Maria submits a written offer to purchase a home in Portland for $425,000. Before the seller responds, Maria calls her Oregon broker and says she wants to withdraw the offer. Her broker notifies the seller's principal broker immediately. Which of the following best describes the legal status of the offer?
Correct Answer
B) The offer is revoked, because an offeror may withdraw an offer any time before acceptance.
Under Oregon contract law, an offer may be revoked by the offeror at any time before it has been accepted by the offeree. Because the seller had not yet accepted Maria's offer when her broker communicated the revocation, the offer is effectively withdrawn. Oregon does not impose a mandatory irrevocability period on real estate purchase offers unless the offer itself contains an option supported by consideration.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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