A buyer's agent in Greenville, South Carolina presents a written purchase offer to the listing agent on Monday morning. The offer includes an expiration clause stating the offer is void if not accepted by 5:00 PM on Tuesday. The seller does not respond until Wednesday morning, at which point the seller signs the original offer and returns it. Which of the following correctly describes the legal effect of the seller's Wednesday morning signature?
Correct Answer
C) The seller's signature constitutes a new offer that the buyer may accept or reject.
Under South Carolina contract law, an offer that has expired cannot be accepted to form a binding contract. When the seller signed the original offer after the Tuesday 5:00 PM deadline, the original offer was already terminated by lapse of time. The seller's late signature on the expired offer is treated as a new offer — essentially the seller is now proposing the same terms to the buyer. The buyer is free to accept or reject this new offer.
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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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