A buyer makes an offer with a 48-hour expiration time. 12 hours later, she changes her mind and informs the seller that the offer is withdrawn? What is the status of the offer?

Question

Alissa Skinner

Social Studies

11 June, 11:05

A buyer makes an offer with a 48-hour expiration time. 12 hours later, she changes her mind and informs the seller that the offer is withdrawn? What is the status of the offer?

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Answers (2)

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Lizeth Carpenter · Answer 1

Answer: The offer is terminated along with the seller's right to accept it.

Explanation: One of the ways in which three right of acceptance could be terminated is 'Rejection by the offeree or buyer'. The offer had a lapse or expiration time of 48 hours which means the offer is open for 48 hours to the offeree to accept, after which the offeree's right to accept is terminated.

However, the offeree or buyer also has the right to accept or reject within the 48 hours expiration period.

In this scenario, the buyer informs the seller of his withdrawal from the offer, The offer will be extinguished and the seller will have the right to accept the offeree's withdrawal.

Clara Harris · Answer 2

Answer: the offer is terminated

Explanation:

Offers may be terminated in any one of the following ways: Revocation of the offer by the offeror; counteroffer by offeree; rejection of offer by offeree; lapse of time; death or disability of either party; or performance of the contract becomes illegal after the offer is made.