Ontario Real Estate Licensing Exam Practice · Question
In Ontario, what does 'irrevocable' mean in an Agreement of Purchase and Sale regarding an offer?
The 'irrevocable' period in an Agreement of Purchase and Sale specifies the timeframe during which the party who made the offer (or counter-offer) cannot revoke
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Question: In Ontario, what does 'irrevocable' mean in an Agreement of Purchase and Sale regarding an offer?
Answer options: ✅ The offer cannot be withdrawn by the party who made it for a specified period.
- The offer cannot be changed by either party once it has been submitted.
- The offer has been accepted and constitutes a binding contract.
- The offer has been rejected and cannot be resubmitted.
Correct answer: The offer cannot be withdrawn by the party who made it for a specified period.
Explanation: The 'irrevocable' period in an Agreement of Purchase and Sale specifies the timeframe during which the party who made the offer (or counter-offer) cannot revoke or withdraw it, giving the other party time to consider and accept. Once this period expires, if the offer has not been accepted, it becomes void and can be revoked.
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