A Virginia licensee is working with a buyer who has just submitted a written offer on a property in Norfolk. All of the following events would terminate the buyer's offer EXCEPT:
Correct Answer
D) The seller's agent verbally communicates the seller's intent to accept the offer
A verbal statement by the seller's agent of intent to accept does not terminate the offer — in fact, it does not even form a binding contract under Virginia's Statute of Frauds. The offer remains alive and pending until a valid written acceptance is communicated or a terminating event occurs. A verbal expression of intent is legally insufficient to constitute acceptance for a real property 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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