A buyer submits an offer on a Salt Lake City home using the Utah REPC on Monday morning. The seller has until Wednesday at 5:00 PM to respond, as specified in the offer. On Tuesday afternoon, the buyer calls her agent and says she wants to withdraw the offer. Under Utah contract principles, what is the status of the buyer's offer at that point?
Correct Answer
B) The offer can be withdrawn at any time before the seller communicates acceptance
Under Utah contract law, an offer is revocable by the offeror at any time before acceptance is communicated to the offeror. Even though the seller has until Wednesday to respond, the buyer retains the right to revoke the offer before the seller communicates acceptance. The REPC does not make an offer irrevocable during the response period unless supported by separate consideration (an option contract).
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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