A buyer in Virginia makes an offer on a townhouse in Reston. The offer states that it is irrevocable for 48 hours. After 24 hours, before the seller has responded, the buyer calls his agent and says he wants to withdraw the offer. Under Virginia law, which statement is most accurate?
Correct Answer
B) The buyer can withdraw because an offer is generally revocable at any time before acceptance, regardless of an irrevocability clause, unless supported by separate consideration
Under Virginia common law, an offer is generally revocable at any time before acceptance, even if the offer states it will remain open for a specific period. An irrevocability clause in an offer is not binding on the offeror unless it is supported by separate consideration — that is, unless it constitutes an option contract. Without the seller paying consideration to 'buy' the right to hold the offer open, the buyer may revoke the offer before acceptance despite the stated 48-hour period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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