Question

Keegan buys a new house and offers to sell the current home to Oberon for $250,000. Oberon wants to think about the offer, and Keegan says that is fine. The next day, Mikko, Keegan's friend, offers Keegan $240,000 for the house. Keegan really likes Mikko more than Oberon and signs a contract to sell the house to Mikko. Later that day Keegan sees Oberon walking up the driveway. Immediately, Keegan opens the window and yells "I revoke the offer on the house" before Oberon says anything. Oberon replies by accepting the offer and expects to purchase the home. Oberon tells Keegan that even though no steps have been taken steps to get a loan, Oberon feels confident that there will be no problem with those matters and that Keegan must consider Oberon a ready, willing, and able buyer.Which of the following is true regarding the offer to Oberon assuming Keegan's revocation was ineffective?a. The offer was probably still open the next day because a reasonable length of time would not have expired.b. The offer would have terminated because Oberon did not provide any consideration to leave it open.c. By operation of law, it would have terminated at midnight on the day it was made.d. By operation of law, it would still have been open because it would not have terminated until midnight on the day after it was made.

Answer 1

A) The offer was probably still open the next day because a reasonable length of time would not have expired.

Step-by-step explanation:

If we consider that Keegan's revocation was ineffective (which I believe was effective), then Oberon would usually have between 1 to 2 days to consider and respond to Keegan's offer. Since no time limit was specified, we have to consider reasonable lengths of time and 1 or 2 days is generally considered reasonable in different states. Whether 1 day or 2 days is the time set by state law doesn't matter in this case since not even 1 day had passed.