A Washington seller receives a full-price offer from Buyer A on Monday. On Tuesday, before responding to Buyer A, the seller receives a higher offer from Buyer B. The seller accepts Buyer B's offer in writing. On Wednesday, Buyer A's broker calls to say the buyer is withdrawing the offer. The seller now claims Buyer A's offer was still valid on Tuesday when Buyer B's offer was accepted, and argues both buyers are bound. Which statement correctly describes Washington law on this situation?
Correct Answer
D) Only Buyer B is bound, because the seller can only accept one offer and the acceptance of Buyer B's offer implicitly rejected Buyer A's offer.
Under Washington contract law, a seller may only enter into one binding contract for the sale of a single property. When the seller accepted Buyer B's offer in writing, that acceptance formed a binding contract with Buyer B. The seller's acceptance of Buyer B's offer also operated as an implicit rejection of Buyer A's offer (since the seller cannot convey the same property twice). Buyer A's subsequent Wednesday withdrawal is moot — the offer was already effectively rejected by the seller's acceptance of Buyer B's offer. The seller cannot claim Buyer A is bound because no acceptance was ever communicated to Buyer A.
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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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