A buyer in Casper, Wyoming submits a written offer to purchase a home for $385,000 with a $10,000 earnest money deposit. The seller counters at $395,000. The buyer verbally agrees to the counter-offer but does not sign the counter-offer document. Under Wyoming contract law, what is the status of this agreement?
Correct Answer
A) No binding contract exists because the buyer's acceptance of the counter-offer was not in writing
Under Wyoming law and the Statute of Frauds applicable to real estate contracts, agreements for the sale of real property must be in writing and signed by the parties to be enforceable. A verbal acceptance of a counter-offer for the purchase of real estate does not create a binding contract in Wyoming. The buyer must sign the counter-offer document for a valid, enforceable contract to exist.
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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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