A buyer in Tacoma submits an offer to purchase a property at $450,000. Before the seller responds, the buyer calls her broker and says she wants to revoke the offer. The broker informs the buyer that the seller has already signed the acceptance but the signed document has not yet been delivered to the buyer's broker. Can the buyer successfully revoke?
Correct Answer
D) Yes, because the buyer may revoke an offer at any time before acceptance is communicated to the buyer or the buyer's authorized agent.
Under Washington contract principles, an offeror may revoke an offer at any time before valid acceptance has been communicated to the offeror or the offeror's authorized agent. Although the seller has signed the acceptance, that signed acceptance has not yet been delivered or communicated to the buyer or her broker. Therefore, the contract has not yet been formed, and the buyer retains the right to revoke. Once the signed acceptance is communicated, revocation is no longer possible.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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.
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