Question

A buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if:

Answer 1

Answer:

He withdraws counteroffer before it is accepted by the buyer.

Explanation:

Offer is  a formal acceptance by a person to either purchase or sell a property or thing available or put for sale. A counteroffer is made by the other party by rejecting the offer made by the offeror and putting forth another offer before the offeror.

A counteroffer if accepted by the offeror stands valid and the offeree cannot revoke it. However, he may revoke it before the offeror accepts the counteroffer.

In this case, the owner can accept the better offer if the offeror has not accepted the counteroffer.