Can you rescind a counter offer

This is why time is of the essence is such an important factor in real estate transactions. Most counteroffers and negotiations have a standard default three days to respond. For instance, if the buyer took over three days to get the counteroffer back, the transaction is not automatically terminated.

Again, it comes down to communication and experience. Dealing with hundreds if not thousands of real estate transactions over the years really puts us in a better negotiating position. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Grow Your Legal Practice.

Meet the Editors. Home Legal Topics Small Business. Contracts and Contract Law: Legal Contracts. Revoking an Offer Whoever makes an offer can revoke it as long as it hasn't yet been accepted. Offers With Expiration Dates An offer with an expiration date is called an option, and it usually doesn't come for free. Counteroffers Often, when an offer is made, the response will be to start bargaining.

Exchange of Things of Value In addition to both parties' agreement to the terms, a contract isn't valid unless both parties exchange something of value in anticipation of the completion of the contract.

Consideration Defined The "thing of value" being exchanged -- which every law student who ever lived has been taught to call "consideration" -- is most often a promise to do something in the future, such as a promise to perform a certain job, or a promise to pay a fee for a job.

Gifts vs. Contracts The main importance of requiring things of value to be exchanged is to differentiate a contract from a generous statement or a one-sided promise, neither of which are enforceable by law. Promises vs. Action Although the exchange-of-value requirement is met in most business transactions by an exchange of promises "I'll promise to pay money if you promise to paint my building next month" , actually doing the work can also satisfy the rule.

Next Step For over contracts, forms, and worksheets that you'll use in starting and running your business, get Nolo's Quicken Legal Business Pro. Business Formation. Choosing a Business Structure. Sole Proprietorships. Make sure it is in writing and that you can document transmitting the withdrawal. Our client was able to work with the seller to withdraw one of the counteroffers before it was accepted, which eliminated the risk of being under contract to sell to both. Our client knew exactly how to document the withdrawal to reduce risk of legal issues from this incident in the future.

Quick action to withdraw an offer or counteroffer before it is accepted is important. A well-documented paper trail of the withdrawal is equally important should you get sued. If you run into a sticky situation with multiple counteroffers like our client, who would you turn to?

Contributed by: B. Edward McCutchan, Jr. His area of practice is also agricultural law viticulture and wineries , trusts and estates, probate, real estate transactions, business law and elder abuse.