3. A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase 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 of 90% of the asking price, that offer became null and void. An offer ceases to exist when it is rejected by the offeree, meaning it cannot be accepted later.
A) rescinded
An offer is rescinded when it is withdrawn by the offeror before it is accepted. In this case, the buyer did not rescind the offer; rather, the seller rejected it, leading to its nullification.
B) null and void
This option is correct because the original offer made by the buyer became null and void upon the seller's rejection. Once an offer is rejected, it cannot be accepted, rendering it ineffective.
C) irrevocable
An irrevocable offer is one that cannot be withdrawn or revoked by the offeror for a certain period. Since the seller rejected the buyer's offer, it indicates that the offer was not irrevocable and therefore does not apply in this scenario.
D) binding
An offer is considered binding only when it has been accepted by the offeree. In this instance, the seller rejected the offer, meaning it was not binding and could not be enforced.
Conclusion
The correct answer is B, as the original offer became null and void following the seller's rejection. All other options fail to accurately describe the status of the offer after rejection, reinforcing the principle that offers cannot exist once they have been declined.