Question

Seller Chris listed a vacant lot with a broker at $111,400. Prospective buyer Jordan submitted an offer of $111,000 that was to expire in three days. The next day, Chris made a counteroffer of $111,200. When Jordan did not respond within the three-day period, Chris signed an acceptance of Jordan's $111,000 original offer and instructed the broker to deliver it to Jordan. Jordan told the broker that he had decided not to purchase the property, but Chris insisted they had a deal. Based on these circumstances, there is:

Answer 1

Based on these circumstances, there is no binding contract between Chris and Jordan.

Step-by-step explanation

In this scenario, no legally binding contract exists between Seller Chris and Prospective Buyer Jordan. Despite Chris making a counteroffer, it was never accepted by Jordan within the specified three-day period. Chris's subsequent acceptance of Jordan's original offer came after the expiration of the deadline.

Therefore, there was no meeting of the minds regarding the terms of the sale within the stipulated time frame. Additionally, Jordan explicitly communicated the decision not to proceed with the purchase to the broker before Chris signed the acceptance.

As such, without mutual acceptance or consideration within the agreed-upon timeframe, there is no binding contract between the parties.