Withdrawal of purchase agreement

[latigo]

Speaking of auctions;

I frequent an auction site. Once you make a bid it is binding. You cannot withdraw the bid because that is in the terms of the rules of the auction. Unless you are outbid your offer to purchase is going to be the winning bid. As I said, it's all in how everything is written.

Then we have these to "compatible" (?) Sections from the Restatement (Second) of Contracts Chapter 3 Formation of Contracts - Mutual Assent

Sec 41. An offeree's power of acceptance is terminated at the time specified in the offer, or if no time is specified, at the end of a reasonable period of time.

Sec. 42 An offeree's power of acceptance is terminated when the offeree receives from the offeror a manifestation of an intention not to enter into the proposed contract.

 

[quincy]

Then we have these to "compatible" (?) Sections from the Restatement (Second) of Contracts Chapter 3 Formation of Contracts - Mutual Assent

Sec 41. An offeree's power of acceptance is terminated at the time specified in the offer, or if no time is specified, at the end of a reasonable period of time.

Sec. 42 An offeree's power of acceptance is terminated when the offeree receives from the offeror a manifestation of an intention not to enter into the proposed contract.

The offer can be withdrawn by the purchaser before acceptance by the seller, though.

See Restatement (Second) of Contracts section 22, Mode of Assent, Offer and Acceptance: The manifestation of mutual assent to an exchange ordinarily takes the form of an offer or proposal by one party followed by an acceptance by the other party or parties ... Section 23, Necessity that manifestations have reference to each other. It is essential to a bargain that each party manifest assent with reference to the manifestation of the other.

 

[quincy]

Also, see Restatement (Second) of Contracts section 35, An offeree's power of acceptance. An offer gives to the offeree a continuing power to complete the manifestation of mutual assent by acceptance of the offer. A contract cannot be created by acceptance of the offer after the power of acceptance has been terminated in one of the ways listed in section 36.

Section 36: An offeree's power of acceptance may be terminated by (a) rejection or counter-offer by the offeree, or (b) lapse of time, or (c) revocation by the offeror, or (d) death or incapacity of the offeror or offeree. In addition, an offeree's power of acceptance is terminated by the non-occurrence of any condition of acceptance under the terms of the offer.

 

[justalayman]

First off, the bid is not an offer in an auction, it's an agreement to pay if it is the high bidder. What you have is a conditional contract.

If you're talking about ebay, you're wrong about it being binding. Never seen a court case (at least in the US) that held an eBay auction to be legally binding. What you have is rules of the ebay site and the main recourse is just to kick you off the site if you don't comply.

Not talking about eBay.


Read at the following address. It gives an example of a clause that if included does make an offer irrevocable


activerain.com/blogsview/1538535/agreement-of-purchase-and-sale--irrevocability-clause-

 

[justalayman]

Then, while this doesn't involve real estate it does speak to an irrevocable offer;

UCC
§ 2-205. Firm Offers.
An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrevocability exceed three months; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.

 

[quincy]

Not talking about eBay.


Read at the following address. It gives an example of a clause that if included does make an offer irrevocable


activerain.com/blogsview/1538535/agreement-of-purchase-and-sale--irrevocability-clause-

The link you provided is to a Canadian site. It is also a commercial link. It also doesn't say what I think you think it says.

That section of the UCC does not apply to real estate sales.

 

[justalayman]

The link you provided is to a Canadian site. It is also a commercial link.

That section of the UCC does not apply to real estate sales.

I know it doesn't apply to real estate (I believe I stated that myself). The discussion has been stretched a bit



http://tutentitle.com/irrevocable-versus-revocable-offers/


That speaks of LA law and irrevocable offers

 

[quincy]

I know it doesn't apply to real estate (I believe I stated that myself). The discussion has been stretched a bit



http://tutentitle.com/irrevocable-versus-revocable-offers/


That speaks of LA law and irrevocable offers

THAT is exactly what I was looking for. Thanks, justalayman.

You and latigo are right and I appreciate the correction.