A buyer submits a written offer on a Richmond home on Monday morning. The seller's agent calls the buyer's agent Monday afternoon to say the seller verbally accepts all terms. Before any written acceptance is signed, the buyer calls her agent Tuesday morning to withdraw the offer. Under Virginia law, which statement is most accurate?
Correct Answer
B) The buyer can withdraw because the offer was not yet accepted in a manner that satisfies Virginia's writing requirements for real estate contracts
Virginia's Statute of Frauds requires that contracts for the sale of real property be in writing and signed by the party to be charged. A verbal acceptance of a real estate purchase offer does not satisfy this requirement. Because no written, signed acceptance existed before the buyer withdrew, the buyer may legally revoke the 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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