Buyer Javier makes a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. Joy then reconsiders and accepts the first offer. Is Javier is obligated to buy the home? Why or why not? Yes, because Javier never formally withdrew the offer. No, because once Javier's offer is countered, it is considered rejected and is dead. Yes, because Joy's counter was for the same amount of money as Javier's initial offer. No. because a buyer can withdraw from a contract for any reason without penalty.

Buyer Javier makes a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. Joy then reconsiders and accepts the first offer. Is Javier is obligated to buy the home? Why or why not? Yes, because Javier never formally withdrew the offer. No, because once Javier's offer is countered, it is considered rejected and is dead. Yes, because Joy's counter was for the same amount of money as Javier's initial offer. No. because a buyer can withdraw from a contract for any reason without penalty.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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