Under South Carolina contract law, all of the following events will terminate an offer EXCEPT:
Correct Answer
D) The offeree requests additional time to consider the offer before responding.
Requesting additional time to consider an offer does NOT terminate the offer under South Carolina contract law. The offeree's request for more time is simply a communication — it is neither an acceptance, a rejection, nor a counteroffer. The original offer remains open (subject to its stated deadline or a reasonable time) while the offeree considers it. The offer is only terminated by the events listed in the other options.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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.
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