54. A buyer makes an offer on a home that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is
Answer: B
The original offer is null and void.
When the seller rejected the buyer's initial offer, the offer ceased to exist, making it null and void. The buyer's subsequent rejection of the seller's counteroffer does not reinstate the original offer.
A) rescinded
An offer is considered rescinded when a party withdraws it before acceptance. In this case, the buyer did not withdraw the offer; the seller simply rejected it, so this option is incorrect.
B) null and void
This option is correct because once the seller rejected the buyer's original offer, it became null and void. A rejected offer cannot be accepted later, and thus it has no legal standing.
C) irrevocable
An irrevocable offer is one that cannot be withdrawn once made. Since the seller rejected the offer, it does not hold any irrevocable status, making this option incorrect.
D) binding
A binding offer is one that has been accepted by the other party. Since the seller rejected the buyer's initial offer, it cannot be considered binding, which makes this option incorrect.
Conclusion
The correct answer is that the original offer is null and void, as the seller's rejection eliminated its validity. All other options fail to accurately describe the status of the offer after rejection, reinforcing the importance of understanding how offer acceptance and rejection function in contractual agreements.