A buyer submits a written offer on a home in Renton at 10:00 AM on Friday with a deadline of 'acceptance by 5:00 PM on Sunday.' The seller attempts to accept at 6:00 PM on Sunday by signing and having his broker email the signed agreement to the buyer's broker. Under Washington contract law, what is the status of this transaction?
Correct Answer
B) No contract was formed because the seller's acceptance was communicated after the offer deadline
Under Washington contract law, an offer that specifies a deadline for acceptance expires at that deadline. The buyer's offer required acceptance by 5:00 PM Sunday. The seller's attempt to accept at 6:00 PM — communicated after the deadline — is legally ineffective as an acceptance. No contract was formed. The seller's late 'acceptance' functions as a new offer (a counteroffer) that the buyer may choose to accept or reject.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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