A seller receives an offer for $500,000. They counter for $510,000, giving the buyer 12 hours to respond. An hour later, the seller realizes they made a mistake in pricing and wishes to withdraw their counteroffer before the buyer accepts. Can the seller legally withdraw their counteroffer?

Question: A seller receives an offer for $500,000. They counter for $510,000, giving the buyer 12 hours to respond. An hour later, the seller realizes they made a mistake in pricing and wishes to withdraw their counteroffer before the buyer accepts. Can the seller legally withdraw their counteroffer?

Answer options: ✅ Yes, an offer or counteroffer can be withdrawn at any time before it has been accepted and communicated to the offeror.

• No, once a counteroffer is made, it is binding for the entire acceptance period specified.
• Only if the buyer agrees to the withdrawal.
• The seller can only withdraw if the buyer has not yet seen the counteroffer.

Correct answer: Yes, an offer or counteroffer can be withdrawn at any time before it has been accepted and communicated to the offeror.

Explanation: Under contract law, an offer or counteroffer can be revoked by the offeror at any time before it has been accepted by the offeree and notice of that acceptance has been communicated back to the offeror.