Q: On one of my listings, a buyer (“Buyer 1”) submitted an offer, and my seller counteroffered. While the seller was awaiting Buyer 1’s response, another buyer (“Buyer 2”) submitted an offer. May the seller withdraw his counteroffer to Buyer 1 before the time for acceptance specified in the counteroffer?
A: Yes. An offer/counteroffer may be withdrawn at any time prior to its having been accepted in accordance with the contract form’s term. This is true even if the time of acceptance contained in the offer/counteroffer has not expired.