Quote:
Originally Posted by darwinbulldog
Question: What happens if the seller counters with $1250 and while they're waiting for your response someone else offers $1400. Is there any mechanism that prevents the sale from going through at $1250 at that point? Or can the first "bidder" scoop it up for $1250 while the $1400 offer is sitting there unnoticed?
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Basic contract law of offer and acceptance. Whichever offer is accepted first forms the agreement. So if the seller countered at 1250,but accepts someone else's 1,400 offer before the 1250 guy accepts, then the 1400 deal goes through because there was no acceptance on the 1250 deal and therefore no contract.