A buyer's agent in Virginia emails a signed purchase offer to the listing agent at 9:00 AM on a Thursday. The listing agent's auto-reply indicates she is out of the office until Friday. The seller calls the listing agent's cell phone at 10:00 AM Thursday and verbally agrees to all terms. The listing agent emails the signed acceptance back to the buyer's agent at 8:00 AM Friday. At what point was a binding contract most likely formed under Virginia law?
Correct Answer
C) At 8:00 AM Friday, when the listing agent emailed the signed written acceptance to the buyer's agent
Under Virginia's Statute of Frauds, a contract for the sale of real property must be in writing and signed by the party to be charged. The seller's verbal agreement by phone on Thursday does not satisfy this requirement. The binding contract was formed when the listing agent emailed the seller's signed written acceptance to the buyer's agent on Friday at 8:00 AM — this constitutes written acceptance communicated to the offeror's agent, completing contract formation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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