Marcus submits a written offer to purchase a home in Columbia, South Carolina for $285,000 with a closing date of March 15. The seller, Patricia, signs a counteroffer changing the price to $295,000 but keeping all other terms the same. Before Marcus can respond, Patricia calls her agent and says she wants to withdraw the counteroffer and accept Marcus's original offer of $285,000. Which statement best describes the legal situation?
Correct Answer
B) Patricia cannot withdraw the counteroffer once Marcus has received it, and the original offer is no longer available for acceptance.
Under South Carolina contract law, once Patricia issued a counteroffer, she simultaneously rejected Marcus's original offer of $285,000 — that offer is legally terminated and no longer exists for acceptance. Patricia may generally revoke her counteroffer before Marcus accepts it, but she cannot 'accept' the original offer because it no longer exists. The only path to a $285,000 deal would be for Marcus to make a new offer at that price.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
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.
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