38. 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.
Once the seller rejected the buyer's initial offer, the offer was effectively null and void, meaning it could no longer be accepted by the seller.
A) rescinded.
This option is incorrect because rescinding an offer typically refers to the act of withdrawing it before it has been accepted. In this case, the buyer's offer was not withdrawn; instead, it was rejected by the seller.
B) null and void.
This option is correct as the buyer's initial offer became null and void upon the seller's rejection. Once an offer is rejected, it cannot be accepted unless it is re-extended by the buyer.
C) irrevocable.
This option is incorrect because an irrevocable offer cannot be withdrawn for a specified period. However, the buyer's offer was rejected, which nullifies the possibility of it being irrevocable.
D) binding.
This option is incorrect as the offer is not binding after rejection. A binding offer requires acceptance by the other party, which did not occur here since the seller rejected the initial offer.
Conclusion
The correct answer is that the original offer is null and void because the seller rejected it, making it impossible for the buyer to have that offer accepted. All other options fail to accurately describe the status of the offer after rejection, as they imply continued validity or acceptance, which is not the case.