Question

Buyer Patricia presented an offer to Seller Sam for the purchase of Sam's 10-year-old home in a quiet neighborhood. Patricia gave Sam three days from the date of the offer to respond. Sam had another offer to consider, but finally accepted Patricia's offer four days later and asked his broker to communicate his acceptance to Patricia. Under these circumstances:

Answer 1

The scenario details a real estate transaction issue where Seller Sam accepts Buyer Patricia's offer after the expiration of the three-day response period she set, making his acceptance a counteroffer rather than a binding agreement. Patricia is not obligated to proceed unless she accepts this counteroffer.

Step-by-step explanation:

The question at hand deals with the laws pertaining to real estate transactions, specifically the acceptance of an offer to purchase a home. In the given scenario, Buyer Patricia presented an offer to Seller Sam with a three-day response window. Sam took four days to accept the offer, which falls outside of the specified timeframe. In the context of contract law, this late acceptance could be seen as a counteroffer rather than an acceptance, as the original offer had effectively expired after the three days. Thus, Patricia is not legally bound by Sam's late acceptance, and for a contract to be formed, Patricia would have to agree to this new counteroffer.

Examples from various texts illustrate situations where a sale, acceptance, and respondent actions tie into the broader concept of contract negotiations and the critical nature of adhering to agreed-upon terms. The offer and acceptance are central to forming a binding agreement in real estate and other forms of contracts.